Goldman Sachs Group (GS) 424B Filings

GS Finance Corp. offers index-linked notes due March 25, 2031, guaranteed by The Goldman Sachs Group, Inc. The cash payment at maturity for each $1,000 face amount depends on the lesser-performing of the S&P 500® Futures Excess Return Index and the Nasdaq-100 Futures Excess Return™ Index, measured from the trade date (expected March 20, 2026) to the determination date (expected March 20, 2031). If both underliers finish >= their initial levels, the payout equals $1,000 plus 242% of the lesser-performing index return. If either underlier finishes below 70% of its initial level, the holder suffers a loss pro rata to that underlier return; finishes between 70% and 100% result in repayment of principal only. The estimated value on the trade date is between $885 and $925 per $1,000 face amount. Payments are subject to the issuer and guarantor credit risk and other structural, market and tax risks described in the supplement.

GS Finance Corp. is offering autocallable EURO STOXX 50® index-linked notes due March 23, 2028, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest, may be automatically called on March 31, 2027 with a capped call payment of $1,137.40 per $1,000, and otherwise settle in cash at maturity based on EURO STOXX 50 performance, with a 15% downside buffer (buffer level 85%). The trade date is March 18, 2026 and original issue date is March 23, 2026. The original issue price equals 100% of face amount, underwriting discount is 1.5%, and net proceeds to issuer are 98.5%.

GS Finance Corp. is offering autocallable, contingent-coupon, index-linked notes due 2031, guaranteed by The Goldman Sachs Group, Inc. The notes reference the Nasdaq-100, Russell 2000 and S&P 500 indices, pay a contingent monthly coupon of $7.084 per $1,000 (0.7084% monthly; potential up to approximately 8.50% per annum) when each underlier is at or above a coupon trigger of 75% of its initial level, and are automatically called if on a call observation date each underlier is at or above its initial level. The cash settlement at maturity (if not called) depends solely on the lesser performing underlier and may result in a total loss of principal; a trigger buffer is set at 70% of initial levels. Trade date is March 23, 2026, original issue date March 26, 2026, and stated maturity is March 31, 2031. The calculation agent is Goldman Sachs & Co. LLC and the CUSIP/ISIN are 40058YEF5 / US40058YEF51.

GS Finance Corp. is offering autocallable contingent coupon equity-linked notes due March 22, 2032, guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount and may pay a contingent monthly coupon of $12 (1.2% monthly, 14.4% per annum) when each underlier meets its coupon trigger. The underliers are the common stocks of Micron Technology (MU), NVIDIA (NVDA) and Tesla (TSLA). The notes are subject to an automatic call if all underliers are at or above their initial levels on a call observation date. GS&Co. is the calculation agent and market-maker; our estimated trade-date value is $885 to $925 per $1,000 face amount, below the original issue price.

The notes are debt of GS Finance Corp. and carry credit risk of GS and its guarantor, may not pay any coupons if triggers are missed, and may be redeemed early. Payments are cash only; holders receive no shareholder rights in the underliers. Tax treatment is as contingent payment debt instruments for U.S. federal income tax purposes.

GS Finance Corp. proposes structured, callable medium-term notes linked to the common stock of KKR & Co. Inc. Each note has a $1,000 face amount, an expected trade date of March 16, 2026, and an expected stated maturity of March 23, 2029. Coupons may pay up to 3.75% quarterly (15% per annum) when the index stock closing price on coupon observation dates is at or above 50% of the initial index stock price. Notes are automatically called if the index stock closing price on any call observation date is greater than or equal to the initial index stock price; in a call the holder receives face amount plus accrued coupon. At maturity, if the final index stock price is below 50% of the initial index stock price, holders receive an amount based on the index stock return and may receive less than 50% of face. The estimated value on the trade date is between $925 and $955 per $1,000 face amount. Payments depend on GS Finance Corp.'s and The Goldman Sachs Group, Inc.'s creditworthiness.

GS Finance Corp. is offering structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes mature expected March 16, 2028 and may be automatically called on monthly observation dates beginning in June 2026 if the index closes at or above 90% of the initial level. Holders receive a $10 monthly coupon per $1,000 face amount (1% monthly) on an observation date when the index is at least 66% of the initial level. The index applies leverage up to 500%, caps daily leverage changes at 100%, and deducts a daily 6.0% per annum decrement. The issuer estimates the notes' value on the trade date between $925 and $955 per $1,000 face amount.

GS Finance Corp. offers S&P 500®-linked, callable notes with monthly contingent coupons through March 2027 and a stated maturity of March 14, 2030. The notes may pay a monthly coupon of $5.417 per $1,000 face amount (≈0.5417% monthly) only if the S&P 500 closing level is ≥ 85% of the initial index level on every trading day during each measurement period. If the notes are automatically called after the final observation (call observation date March 10, 2027), holders receive principal plus any then-due coupon. If not called, the maturity payout equals $1,000 plus 15% plus the index return applied to principal, so poor index performance can materially reduce principal (example: final index at 50% of initial → $650 per $1,000). The estimated value at pricing was approximately $987 per $1,000; original issue price was 100% of face amount.

GS Finance Corp. offers contingent quarterly coupon notes (aggregate face amount $5,710,000) linked to the Nasdaq-100, Russell 2000 and S&P 500. The notes pay a contingent quarterly coupon (up to 12.15% per annum) and may be automatically called prior to maturity.

Coupons are paid only if each underlier is >= its coupon trigger level (70% of its initial level) on observation dates. The cash settlement at maturity (stated maturity March 9, 2029) is based solely on the performance of the lesser performing underlier; if that underlier is below its trigger buffer level (60%), investors can lose a substantial portion or all of their principal. Initial underlier levels are the closing levels on March 6, 2026. Original issue price is 100% of face; underwriting discount 0.8%.

GS Finance Corp. is offering non-interest bearing notes linked to an equally weighted basket of six stocks with an initial basket level of 100. The notes mature on March 9, 2028 and have an automatic call feature on March 19, 2027. If the basket closing level on the call observation date is ≥ 100, each $1,000 face amount pays $1,158.90 on the call payment date. If not called, the maturity payoff uses a 125% upside participation rate for positive basket returns, a 20% buffer (buffer level = 80%), and a buffer rate equal to 125% for negative returns below the buffer. The estimated value on the trade date is approximately $938 per $1,000 face amount; original issue price is $1,000 (100%), underwriting discount 1.5%, net proceeds 98.5%. Payments depend on GS Finance Corp.'s and The Goldman Sachs Group, Inc.'s creditworthiness and on closing levels only on the call observation date or determination date as specified.

GS Finance Corp. is offering Buffered S&P 500® Index-Linked Notes due 2027, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return a cash settlement per $1,000 face amount at maturity tied to the S&P 500 performance from the trade date to the determination date.

The structure provides a 15% buffer (buffer level = 85% of the initial underlier level) so declines up to 15% at the determination date result in return of principal; losses occur for declines beyond the buffer. Upside is capped by a maximum settlement amount of $1,180 per $1,000. Key dates: trade date March 26, 2026, original issue date March 31, 2026, determination date September 27, 2027, stated maturity September 30, 2027 (subject to adjustment).

GS Finance Corp. issues 2,000,000 Stepdown Snowball Autocallable Notes at $10 principal linked to the worst-performing of the S&P 500® and the Russell 2000®. The notes pay no periodic interest, are automatically callable on two observation dates (March 15, 2027 and March 6, 2028) and offer 11.25% and 22.50% call premiums if called on the first or final Call Observation Date, respectively. If not called, holders face 1-to-1 downside to the Worst-Performing Market Measure from its Starting Value, with up to 100.00% of principal at risk; all payments are subject to the credit risk of GSFC and its guarantor, The Goldman Sachs Group, Inc.

GS Finance Corp. offers $1,000 face‑amount Autocallable Contingent Coupon Index‑Linked Notes due March 16, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes pay a contingent monthly coupon of $8.792 per $1,000 (potentially ~10.55% p.a.) when each underlier closes at or above its coupon trigger (80% of initial). They are callable early if both underliers close at or above their initial levels on a call observation date.

At maturity (if not called), the cash settlement per $1,000 depends solely on the lesser performing underlier (Nasdaq‑100 Technology Sector Index and S&P 500®). If that underlier finishes below its 80% buffer level, investors can suffer substantial losses (examples show losses up to 60% of principal at extreme declines). Pricing, credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., tax treatment, limited liquidity, and model valuation differences are disclosed.

GS Finance Corp. is offering Autocallable Index-Linked Notes due 2030, fully guaranteed by The Goldman Sachs Group, Inc. The notes reference the MSCI EAFE and EURO STOXX 50 underliers, trade on March 12, 2026, and have an original issue date of March 17, 2026. The notes pay no interest and feature an automatic quarterly call if each underlier closes at or above its initial level on a call observation date. If not called, maturity payoff depends solely on the lesser performing underlier: investors receive a capped upside (47.25% maturity premium) if performance is at or above initial levels, receive principal if the lesser underlier stays above an 80% buffer, or suffer a loss linked to the lesser performing underlier below the 80% buffer (buffer amount 20%, buffer rate 100%). The notes are cash-settled, not equity, and carry issuer/guarantor credit risk.

GS Finance Corp. is offering leveraged EURO STOXX 50 Index-linked notes due 2032, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and settle in cash at maturity based on the underlier's performance.

Key economics: an upside participation rate of at least 145%; a trigger buffer level at 60% of the initial underlier level (a trigger buffer amount of 40%). If the final underlier level is below the trigger buffer level, investors lose an amount equal to the underlier return times the face amount and could lose their entire investment. Trade date is March 27, 2026, original issue date April 1, 2026, determination date March 30, 2032, and stated maturity April 2, 2032. The notes are issued in $1,000 face-amount increments (CUSIP 40058YDW9).

GS Finance Corp. is offering $Callable Contingent Coupon Index-Linked Notes due March 25, 2030, guaranteed by The Goldman Sachs Group, Inc. The notes reference the Nasdaq-100 Technology Sector Index, the Russell 2000® Index and the S&P 500® Index and pay a contingent monthly coupon of 0.6667% (~8.00% per annum) when each underlier is at or above a 70% coupon trigger level on the related observation date. Each note has a $1,000 face amount and a buffer structure that protects up to 30% of an underlier decline; the cash settlement at maturity is based solely on the lesser performing underlier. The issuer may redeem the notes on each coupon payment date commencing in June 2026 through February 2030. The trade date is March 20, 2026 and the original issue date is March 25, 2026. Risks include issuer and guarantor credit exposure, potential loss of principal if the lesser performing underlier falls below the buffer, uncertainty of coupon payments, limited liquidity and tax treatment uncertainty.

GS Finance Corp. offers $1,000,000 aggregate face amount of Autocallable Contingent Coupon Index-Linked Notes due March 13, 2031, guaranteed by The Goldman Sachs Group, Inc. The notes reference the S&P 500, Russell 2000 and Dow Jones Industrial Average and feature monthly coupon observation dates, quarterly automatic call observation dates (beginning September 2027) and a determination date of March 10, 2031.

Coupons are conditional: a monthly coupon accrues only if each index is ≥84% of its initial level on a coupon observation date; automatic redemption occurs if on any quarterly call observation date each index is ≥ its initial level. At maturity the cash settlement depends on the lesser performing index with a 10% buffer and a buffer rate of approximately 111.11%. The estimated value at pricing was approximately $977 per $1,000 face amount; original issue price was 100% with a 0.6% underwriting discount.

GS Finance Corp. is offering contingent, principal‑at‑risk notes with an aggregate face amount of $15,970,000 that are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

Each $1,000 face amount note pays no interest and at maturity will settle in cash based on the performance of the S&P 500® Index measured from March 6, 2026 to the determination date. If the final index level is ≥ the 90% buffer level, holders receive a capped $1,096 maximum settlement per $1,000. If the final level is below the buffer, holders lose approximately 1.1111% of face for each 1% decline below the buffer and could lose their entire investment.

GS Finance Corp. is offering Autocallable Index‑Linked Notes due 2029, fully guaranteed by The Goldman Sachs Group, Inc. The notes reference the MSCI EAFE, Nasdaq‑100 and S&P 500 indices and carry a 150% upside participation rate and an 80% trigger buffer.

If, on the call observation date, each underlier is at or above its initial level the notes will be automatically called and pay $1,261 per $1,000 on the call payment date. If not called, maturity payoff depends on the lesser performing underlier: full principal preserved at or above the trigger buffer, otherwise losses pro rata (including potential loss of your entire investment). Trade date: March 11, 2026; original issue date: March 16, 2026; stated maturity date: March 15, 2029.

GS Finance Corp. offers $3,770,000 aggregate face amount of Trigger Callable Contingent Yield Notes due December 8, 2028, guaranteed by The Goldman Sachs Group, Inc. The notes pay quarterly contingent coupons ($0.32875 per $10 face) only if each underlying index stays at or above its coupon barrier during each observation period and are callable by the issuer on coupon payment dates commencing June 10, 2026. At maturity payments depend solely on the lesser performing index versus its downside threshold (60% of initial level); if that index falls below the threshold, principal is reduced proportionally and investors can lose a substantial portion or all of their investment. The estimated trade-date value was approximately $9.83 per $10 face and the original issue price equals face amount.

GS Finance Corp. offers capped GEARS linked to the Russell 2000® Index, guaranteed by The Goldman Sachs Group, Inc. The securities provide enhanced upside exposure via an 3.00 upside gearing and a capped maximum settlement amount expected between $11.835 and $12.085 per $10 face amount, implying an expected maximum return between 18.35 and 20.85.

Key dates are expected to be trade date March 23, 2026, original issue date March 26, 2026, determination date April 23, 2027, and stated maturity date April 28, 2027. The securities expose holders to full downside market risk of the Russell 2000®, credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and an estimated value on the trade date between $9.45 and $9.75 per $10 face amount.

GS Finance Corp. is offering autocallable contingent coupon equity-linked notes due 2029, guaranteed by The Goldman Sachs Group, Inc. The notes reference the common stock of NVIDIA Corporation ("NVDA").

The notes pay a contingent quarterly coupon (calculated using $34.75 increments per observation schedule) only when the underlier closes at or above a 50% coupon trigger on coupon observation dates. The notes will be automatically called if the closing level of NVDA on any call observation date is greater than or equal to the initial underlier level. If not called, the cash settlement at maturity depends on the final underlier level: if the final level is at or above 50% of the initial level, principal is repaid (100%); if below 50%, the investor receives $1,000 × (final/initial), which can result in a total loss of principal. Trade date is March 16, 2026; stated maturity is March 23, 2029.

GS Finance Corp. priced a $10,000,000 offering of autocallable index-linked notes due March 9, 2028, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest, may be automatically called on March 19, 2027 for $1,111.30 per $1,000 face amount if both the S&P 500 and Russell 2000 are at or above initial levels set on March 6, 2026. At maturity (determination date March 6, 2028) if not called, payoff is based on the lesser performing index with a trigger buffer at 70% of the initial level and a capped maximum cash payoff of 122.26% of face amount. Estimated value at pricing was approximately $992 per $1,000 face amount; original issue price equals face amount. The notes are unsecured obligations subject to issuer and guarantor credit risk.

GS Finance Corp. offers $1,000,000 aggregate face amount of autocallable S&P 500® Index‑linked notes due September 10, 2027, guaranteed by The Goldman Sachs Group, Inc.

Each note has a $1,000 face amount and pays no interest. Notes will be automatically called on March 15, 2027 if the S&P 500 closing level is at or above the initial level of 6,740.02, producing a cash payment of $1,111.50 per $1,000 on the call payment date. If not called, final payment at maturity on September 10, 2027 depends on index performance measured from March 6, 2026 to the determination date (September 7, 2027) with a 125% upside participation rate capped at a $1,150 maximum per $1,000 and a trigger buffer at 70% of the initial level. Investors may receive the face amount or suffer losses (including a potential total loss) if the final index level falls below the trigger buffer. The estimated value on the trade date is approximately $981 per $1,000 face amount; original issue price is 100% and underwriting discount is 0.3%.

GS Finance Corp. offers non-interest notes linked to an equally weighted basket of Amazon, Broadcom, Microsoft, NVIDIA and Oracle. The notes are expected to mature on March 20, 2031 and are automatically callable beginning on March 15, 2027 with specified call premiums.

The notes feature a 150% upside participation rate if the final basket level exceeds the initial level of 100; if the final basket level falls below 60 (-40% return) holders absorb declines pro rata. The estimated model value at pricing is $885–$925 per $1,000 face amount. Payments depend on the basket on specific observation dates and are subject to the credit risk of GS Finance Corp. and guarantor The Goldman Sachs Group, Inc..

GS Finance Corp. is offering notes with an aggregate face amount of $300,000 linked to the Nikkei 225. The notes pay no interest and mature on March 13, 2031 (determination date March 10, 2031), with settlement in cash based on the Nikkei 225 performance from the trade date to the determination date.

If the final underlier level is above the initial level, the cash payment equals $1,000 plus $1,000 times the 127% upside participation rate times the underlier return. If the final level is equal to or below the initial level, the cash payment equals $1,000 plus $1,000 times the underlier return, which can result in a loss of principal (you could lose your entire investment). The notes are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. and bear an underwriting discount of 4.1% (net proceeds to issuer: 95.9% of face amount).

GS Finance Corp. is offering structured notes linked to the Nasdaq-100 Index, the Russell 2000 and the VanEck Semiconductor ETF with an expected stated maturity of September 23, 2027. Coupons of $10.5 per $1,000 (1.05% monthly, 12.6% annualized) may be paid monthly if each underlier is at or above 60% of its initial level on coupon observation dates. Notes are automatically called if all underliers are at or above their initial levels on a call observation date beginning September 2026. At maturity, if any underlier is below 60% of its initial level, the cash settlement is based on the lesser performing underlier and could result in a loss of principal; estimated initial model value is $925–$955 per $1,000 face amount.

GS Finance Corp. is offering autocallable S&P 500® index-linked notes due 2028, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest, have an upside participation rate of 150% and a buffer level of 85%. If the call observation date closing level is greater than or equal to the initial underlier level, the notes will be automatically called and pay $1,102 per $1,000 on the call payment date. If not called, the cash settlement at maturity depends on the final underlier level: upside participation above initial, par if above the buffer, or a buffer-adjusted loss below the buffer (you could lose your entire investment). Trade date: March 11, 2026; original issue date: March 16, 2026; determination date: March 10, 2028; stated maturity date: March 15, 2028. Original issue price is 100% of face amount with an underwriting discount of 1.5% (net proceeds 98.5%).

GS Finance Corp. offers $1,940,000 aggregate Leveraged Basket‑Linked Notes due March 13, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return at maturity depends on a weighted five‑index basket measured from the trade date March 9, 2026 to the determination date March 9, 2029. The initial basket level is 100, the upside participation rate is 165.19%, and for each $1,000 face amount you receive $1,000 plus the basket return multiplied by the participation rate if the basket is positive; otherwise you receive $1,000 plus the basket return (which can result in total loss). The estimated value on the trade date was approximately $965 per $1,000.

GS Finance Corp. is offering $11,500,000 aggregate face amount of Trigger Callable Contingent Yield Notes due 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay a quarterly contingent coupon of $0.24275 per $10 face amount (up to 9.71% per annum) only if each underlier meets its coupon barrier on observation dates. The notes are linked to the lesser performing of the S&P 500, Russell 2000 and the iShares MSCI EAFE ETF with trade date March 9, 2026, original issue date March 12, 2026, and stated maturity March 13, 2031. Commencing June 2026 through December 2030, the issuer may redeem on any coupon payment date at 100% of face plus any contingent coupon then due. If not redeemed and any underlier’s final level is below its downside threshold (65% of initial level), holders will receive a cash settlement reflecting the lesser performing underlier return and could lose up to the full investment. The estimated model value at pricing was approximately $9.89 per $10 face amount; original issue price equals 100% of face amount.

GS Finance Corp. offers $45,500,000 in aggregate face amount of Step Down Trigger Autocallable Notes due 2031, guaranteed by The Goldman Sachs Group, Inc., with a $10 face amount per note. The notes are linked to the least performing of the S&P 500® Index, the EURO STOXX 50® Index and the Invesco S&P 500® Equal Weight ETF and may be automatically called on semi-annual call observation dates beginning about 12 months after the strike date.

If automatically called, holders receive $10 plus $10 times the applicable call return; the call return increases the longer the notes remain outstanding. If not called, the cash settlement at maturity is $10 plus $10 times the lesser performing underlier return, exposing holders to full downside (downside threshold is 90.00% of each initial underlier level). The estimated value at pricing was approximately $9.79 per $10 face amount and the original issue price equals face amount. Payments depend on issuer and guarantor creditworthiness.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering linked, principal‑protected notes tied to the S&P 500® Index. The aggregate face amount is $1,400,000. The notes pay no interest and mature on March 14, 2028 (determination date March 9, 2028).

Payoff per $1,000 face: if the final underlier level is greater than the initial level you receive $1,000 + $1,000 × underlier return but capped at a $1,137 maximum settlement amount; if final ≤ initial you receive the $1,000 face amount. The original issue price is 100% and underwriting discount is 0.55%.

Key considerations: the notes expose holders to the issuer/guarantor credit risk, carry no shareholder rights in the underlier stocks, are treated as contingent payment debt for U.S. tax purposes (comparable yield 4.22%, projected payment $1,088.74), and secondary market liquidity is not guaranteed.

GS Finance Corp. is offering medium‑term notes with an aggregate face amount of $7,090,000 under a pricing supplement dated March 9, 2026. The notes pay no interest and settle in cash at maturity based on the performance of the S&P 500 Index measured from the initial level on March 6, 2026 to the determination date.

If the final underlier level on the determination date is greater than or equal to the buffer level (85% of the initial underlier level), each $1,000 face amount will pay the capped maximum settlement amount of $1,080.50. If the final underlier level is below the buffer level, losses occur: the notes lose approximately 1.1765% of face amount for each 1% decline below the buffer and investors could lose their entire investment. Key dates include trade date March 9, 2026, original issue date March 12, 2026, determination date March 22, 2027 and stated maturity date March 25, 2027. The notes are senior unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc.; underwriting discount is 1% (net proceeds 99%).

GS Finance Corp. offers structured, non‑interest notes linked to an equally weighted basket of Adobe, Intuit and Palantir stock. The notes have a face amount of $339,000 aggregate on original issue date March 12, 2026, an original issue price of 100% and an estimated initial value of approximately $962 per $1,000 face amount.

Notes mature on March 13, 2031 (determination date March 10, 2031) and are automatically called if the basket closing level on the call observation date (March 9, 2027) is ≥ the initial basket level (100), paying $1,200 per $1,000. At maturity, payout depends on the basket return, the upside participation rate of 127.85% and a trigger buffer at 50% of the initial basket level; downside can result in payments below face amount, including losses that can exceed 50%.

GS Finance Corp. priced leveraged basket-linked notes due March 12, 2031, guaranteed by The Goldman Sachs Group, Inc. The notes have an aggregate face amount of $1,200,000 on the original issue date and reference a weighted basket of five indices with an initial basket level of 100.

Holders receive no interest; at maturity each $1,000 face amount pays either (i) $1,000 plus $1,000×174.7%×(basket return) if the final basket level exceeds the initial level, or (ii) $1,000 plus $1,000×(basket return) if the final basket level is zero or negative. The trade date is March 9, 2026, original issue date is March 12, 2026, and determination date is March 10, 2031.

GS Finance Corp. offers capped GEARS linked to the S&P 500® Index, guaranteed by The Goldman Sachs Group, Inc. The securities provide leveraged upside exposure with an upside gearing of 3.00 up to a capped maximum return expected to be between $11.20 and $11.44 per $10 face amount (an expected maximum return of 12.00% to 14.40%), and full downside market exposure.

Key terms set on the trade date: March 23, 2026 (trade date), original issue date March 26, 2026, determination date April 23, 2027, and stated maturity date April 28, 2027. The estimated value at pricing is between $9.45 and $9.75 per $10 face amount; original issue price is 100.00% of face, underwriting discount 2.00%, net proceeds to issuer 98.00%.

Payments depend on the final index closing level on the determination date and on the creditworthiness of GS Finance Corp. and The Goldman Sachs Group, Inc.; investors may lose some or all principal and should review tax, liquidity and model-valuation risks described herein.

GS Finance Corp. offers Index-Linked Notes due March 14, 2029 (guaranteed by The Goldman Sachs Group, Inc.) linked to the lesser performing of the MSCI EAFE and EURO STOXX 50® from the trade date March 9, 2026 to the determination date March 9, 2029. The notes pay no interest; principal repayment per $1,000 face amount depends on the lesser underlier return and an upside participation rate of 142.35%. A 65% trigger buffer produces asymmetric outcomes: if both underliers finish ≥65% of initial levels, negative returns can become positive by taking the absolute lesser return; if any underlier finishes below 65% of its initial level, losses equal the lesser performing return. Initial underlier levels are 2,918.95 (MSCI EAFE) and 5,685.20 (EURO STOXX 50®). The estimated value at pricing was approximately $979 per $1,000 face amount; original issue price is 100% (underwriting discount 0.6%, net proceeds 99.4%). Risks include credit exposure to GS Finance Corp. and The Goldman Sachs Group, Inc., tax uncertainty, potential illiquidity, and the notes' structural asymmetry that can convert modest index moves around the 65% buffer into large changes in investor return.

GS Finance Corp. is offering EURO STOXX 50® Index‑Linked Notes due April 1, 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and the cash payment at maturity is tied to the underlier's performance from the trade date to the determination date.

Key terms include an upside participation rate of at least 150.4%, a trigger buffer level at 60% of the initial underlier level (a trigger buffer amount of 40%). If the final underlier level is at or above the initial level, you receive principal plus upside participation. If the final level is below the initial level but at or above the trigger buffer level, you receive principal plus the absolute underlier return. If the final level is below the trigger buffer level, you lose an amount equal to the underlier return times the face amount and could lose your entire investment. The notes are subject to issuer and guarantor credit risk and may have limited liquidity.

GS Finance Corp. is offering index-linked notes due March 19, 2027 (guaranteed by The Goldman Sachs Group, Inc.) that pay no interest and return is tied to the lesser performing of three indices measured from March 6, 2026 to March 16, 2027. For each $1,000 face amount, the maximum settlement amount is $1,085 if each index finishes at or above 75% of its initial level; otherwise losses apply and investors can lose their entire investment. Key terms: initial issue price 100%, underwriting discount 0.2%, net proceeds 99.8%, estimated value at pricing approximately $994 per $1,000, aggregate face amount $7,500,000. Notes are unsecured, subject to issuer and guarantor credit risk, have uncertain U.S. tax treatment and limited secondary market liquidity.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering autocallable, principal-at-risk notes linked to the S&P 500®, the Russell 2000® and the VanEck Semiconductor ETF. The notes do not bear interest, have an expected trade date of March 20, 2026, an expected original issue date of March 25, 2026, and an expected stated maturity of March 27, 2031.

If, on any call observation date beginning March 22, 2027, the closing level of each underlier is greater than or equal to its initial level the notes will be automatically called for $1,000 plus a call premium (e.g., 23.7% on first call). If not called, the maturity payment is based on the performance of the lesser performing underlier with a trigger buffer at 60% of the initial level: if the lesser performing underlier finishes below that buffer you may suffer substantial principal loss; upside participation is 100%.

GS Finance Corp. is offering non‑interest, equity‑linked notes tied to the common stock of NVIDIA Corporation with an aggregate face amount of $1,530,000. The notes mature on March 9, 2028 but will be automatically called if NVIDIA’s closing price on the March 19, 2027 call observation date is greater than or equal to the initial index stock price of $177.82. If called, each $1,000 face amount pays $1,284.5 on the call payment date (March 24, 2027).

If not called, the payment at maturity depends on the index stock return measured from March 6, 2026 to the determination date (scheduled March 6, 2028). Key terms: threshold settlement amount $1,569, upside participation 100%, and a trigger buffer price 70% of the initial index stock price. Investors can lose all or a substantial portion of principal if the final index stock price declines by more than 30%. The estimated value on the trade date was approximately $967 per $1,000. Original issue price: 100%; underwriting discount: 1.5%; net proceeds to issuer: 98.5%.

GS Finance Corp. is offering ETF-linked notes due March 13, 2031 that pay no interest and whose cash payment at maturity is linked to the lesser performing of the Invesco QQQ, Series 1 (QQQ) and the State Street SPDR S&P 500 ETF (SPY).

For each $1,000 face amount, if both ETFs finish at or above their initial levels, holders receive $1,000 plus 1.07x of the lesser-performing ETF return; if either ETF finishes between 85% and 100% of its initial level, holders receive $1,000; if the lesser-performing ETF finishes below 85%, the payment equals $1,000 times (lesser ETF return + 15%), which can result in significant principal loss. The aggregate initial face amount is $1,513,000, original issue price 100%, underwriting discount 4.125%, and the estimated value on the trade date was approximately $945 per $1,000 face amount. Payments are unsecured and subject to the credit risk of GS Finance Corp. and guarantor The Goldman Sachs Group, Inc.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering autocallable index-linked notes tied to the Dow Jones Industrial Average, Russell 2000 and EURO STOXX 50. The notes trade with an expected trade date of March 11, 2026, an original issue date expected March 18, 2026, and a stated maturity expected March 19, 2029.

The notes pay no interest, are automatically called on the call observation date if each index is ≥ 90% of its initial level (call payment expected March 25, 2027) for a capped cash payment of $1,203 per $1,000 face amount. If not called, the maturity payoff depends on the lesser performing index with a 150% upside participation if all final levels exceed initial levels, a return of face amount if all final levels are ≥ 70%, and potential principal loss (down to 0%) if the lesser performing index falls below 70%. The estimated value on the trade date is between $925 and $955 per $1,000 face amount. The notes are unsecured obligations subject to issuer and guarantor credit risk and may have limited liquidity.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering non‑interest notes linked to an equally weighted basket of eight stocks. The notes have an initial basket level of 100, a 125% upside participation rate, a 15% buffer (buffer level 85%) and may be automatically called on the call observation date March 19, 2027 for $1,202.6 per $1,000. If not called, maturity is March 9, 2028 with cash settlement formulas that pay principal plus upside when the final basket level is above 100, return principal if the final basket level is between 85% and 100%, and apply the buffer rate (approximately 117.65%) to losses beyond the 15% buffer below the initial level. The estimated value at pricing was approximately $947 per $1,000. Original issue price is 100%, underwriting discount 1.5%, net proceeds 98.5%, aggregate face amount initially $500,000.

GS Finance Corp. is offering structured, non‑interest‑bearing notes guaranteed by The Goldman Sachs Group, Inc. The notes link to the EURO STOXX 50® Index with an upside participation rate of 182.5%, a stated maturity of March 13, 2031, and a determination date of March 10, 2031.

The pricing supplement shows an aggregate face amount of $321,000, an original issue price of 100% of face amount, an underwriting discount of 4.1%, and net proceeds to the issuer of 95.9% of face amount. At maturity the cash payment per $1,000 face equals $1,000 plus upside participation times the underlier return if the final level is greater than the initial level; if the final level is equal to or lower, the cash payment equals $1,000 plus the underlier return, which can result in a loss of principal up to the entire investment.

GS Finance Corp. offers $5,580,000 of autocallable STOXX® Europe 600 index-linked notes due March 10, 2031, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and may be automatically called if the STOXX Europe 600 closing level on the call observation date (scheduled March 12, 2027) is greater than or equal to the initial index level of 604.83. If called, each $1,000 face amount pays $1,177 on the call payment date (March 17, 2027).

If not called, maturity payment on the determination date (March 5, 2031) depends on index performance: positive returns pay 200% participation of the index return; declines up to 25% return principal ($1,000); declines beyond 25 expose investors to proportional losses and possible loss of the entire investment. The estimated value at trade date is approximately $964 per $1,000 face amount; original issue price is 100% with a 0.15% underwriting discount and net proceeds of 99.85%.

GS Finance Corp. is offering contingent monthly coupon notes linked to the common stock of Tesla, Inc. with an aggregate face amount of $975,000, issued March 12, 2026 and maturing September 13, 2027, subject to the company’s redemption right. Coupons are payable monthly at $12.292 per $1,000 (1.2292% monthly, the potential for up to approximately 14.75% per annum) only if the underlier closes at or above the coupon trigger level of 50% of the initial underlier level on each observation date. The initial underlier level is $398.68; the trigger buffer level is 50% of that level. At maturity you receive $1,000 per $1,000 face amount if the final underlier level is greater than or equal to the trigger buffer level; otherwise you receive $1,000 + ($1,000 × underlier return), which could result in a complete loss of principal. The issuer may redeem the notes at its option on coupon payment dates commencing in June 2026 through August 2027.

GS Finance Corp. offers a $250,000 aggregate face amount series of callable, equity‑linked notes guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest, have an upside participation rate of 100% and reference Amazon, Meta Platforms, Microsoft and NVIDIA. They may be automatically called on quarterly observation dates beginning March 9, 2027 with graduated call premiums (first call premium 9.35%). If not called, maturity is tied to the performance of the lesser performing underlier on the determination date with a stated maturity of March 13, 2031. Issue price is 100% of face amount; underwriting discount is 3.8%, net proceeds 96.2%.

GS Finance Corp. offers structured, non‑interest notes backed by The Goldman Sachs Group, Inc. guarantee. The notes reference an equally weighted basket of five stocks with an initial basket level of 100, an upside participation rate of 175%, a trigger buffer level of 60%, a call observation date of March 9, 2027, a call payment date of March 16, 2027, and a stated maturity date of March 16, 2028.

If automatically called, each $1,000 face amount pays $1,280. At maturity holders receive $1,000 plus 175% of positive basket return, $1,000 if basket return is between 0% and -40%, or a reduced principal if basket return is worse than -40%. The estimated value on the trade date is approximately $938 per $1,000 face amount; original issue price is 100%.

GS Finance Corp. offers $2,432,000 aggregate face amount of medium‑term notes tied to the EURO STOXX 50® Index, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest, carry a 200% upside participation rate, and include an automatic call feature.

If automatically called on the call observation date, the issuer will pay $1,305.80 per $1,000 face amount on the call payment date. If not called, the cash settlement at the stated maturity depends on the final underlier level versus the initial level and a 70% trigger buffer, meaning investors can lose up to their entire investment if the final underlier level is below the trigger buffer. The notes mature on March 13, 2031 (determination and maturity dates are subject to adjustment).