Goldman Sachs Group Inc. 424B Filings

GS Finance Corp. proposes non-interest medium-term notes guaranteed by The Goldman Sachs Group, Inc. linked to three stocks: Robinhood Class A, AppLovin Class A and Oracle common stock. The notes mature March 26, 2029 unless automatically called on specified observation dates beginning March 19, 2027. If automatically called, each $1,000 face amount pays principal plus a call premium; call levels step down and call premiums step up over time. At final maturity the cash payment depends on the lesser performing index stock: if its final price is at least 50% of its initial price, the cash payment equals $2,408.5 per $1,000 face amount; otherwise payment equals $1,000 plus the lesser performing index stock return times $1,000, which can result in losses down to and below 50% of face. 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 limited anti-dilution protections.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® index-linked notes with an expected trade date of March 27, 2026 and a stated maturity expected on October 2, 2030.

Each note has a face amount of $1,000. The notes pay no interest and deliver a cash settlement at maturity based on the S&P 500® performance from the initial level to the determination date. Key terms set on the trade date include an upside participation rate of 100%, a cap level of 155.7%, a maximum settlement amount of $1,557 per $1,000, and a minimum settlement amount of $900. The estimated value on the trade date is stated as between $895 and $945 per $1,000, which is below the original issue price of 100% of face amount. The notes are unsecured obligations subject to the credit risk of the issuer and guarantor. Market making by GS&Co. is possible but not guaranteed and the notes will not be exchange-listed.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering principal-at-risk, non-interest-bearing indexed notes linked to an equally weighted basket of seven common stocks. The notes have an initial basket level of 100, an upside participation rate of 125%, a trigger buffer level of 65%, an expected trade date of March 27, 2026, an expected call observation date of March 29, 2027 (automatic call pays $1,186 per $1,000 face amount), and an expected stated maturity of March 30, 2029. If not called, payoff at maturity depends on the basket return: positive returns receive 125% participation; declines greater than 35% result in proportional losses. The estimated value at pricing is between $925 and $965 per $1,000 face amount. Credit risk is that of GS Finance Corp. and The Goldman Sachs Group, Inc.

Goldman Sachs provides an index supplement addendum for the S&P 500® Futures 40% VT Adaptive Response Index (USD) ER, describing the index methodology, historical and hypothetical performance, and key metrics used for securities linked to the index. The index launched on December 27, 2024 and uses a rules-based overlay to adjust exposure to the S&P 500® Futures Excess Return Index with a maximum exposure of 500% and a maximum daily change in leverage of 100%.

The addendum discloses comparative annualized returns and annualized volatility through February 27, 2026, including a 1-year annualized return of 2.12% and annualized volatility of 44.04%. The document states the index exposure on February 27, 2026 was 383.15%. The filing notes that performance prior to the launch date is hypothetical and was obtained from the index sponsor.

GS Finance Corp. is offering principal-protected contingent notes linked to an equally weighted basket of seven stocks (AMD, Alphabet, Analog Devices, CDW, Coherent, Kratos, NVIDIA). The initial basket level is 100; trade date is expected March 27, 2026, call observation date expected March 29, 2027, and stated maturity expected March 30, 2029.

If the basket is at or above 100 on the call observation date the notes are automatically called and pay $1,140 per $1,000. At maturity, if not called, upside participates at 125% for positive basket returns; a trigger buffer of 65% protects against moderate declines; losses occur if the final basket level is below the trigger buffer.

GS Finance Corp. is registering $10,000,000 aggregate principal amount of floating rate notes due March 11, 2033, guaranteed by The Goldman Sachs Group, Inc. The notes pay quarterly interest at compounded SOFR plus 1.20%, subject to a 0.50% minimum, with an original issue price of 100% and an underwriting discount of 0.35%.

Trade date is March 9, 2026 and original issue (settlement) date is March 11, 2026. Interest payments are scheduled each March 11, June 11, September 11 and December 11 beginning June 11, 2026. The calculation agent is Goldman Sachs & Co. LLC.

The Goldman Sachs Group, Inc. is offering floating rate notes tied to compounded SOFR. The notes are expected to be issued on March 13, 2026, pay interest quarterly beginning June 13, 2026, and mature on March 13, 2031.

Interest will equal compounded SOFR plus a 1.28% spread, floored at 0.00% per annum and capped at 6.00% per annum. The notes are unsecured obligations, not FDIC insured, and Goldman Sachs & Co. LLC will act as calculation agent and initial purchaser.

GS Finance Corp. offers autocallable S&P 500® Index‑linked notes due 2028, guaranteed by The Goldman Sachs Group, Inc. The notes have an initial underlier level of 6,781.48, an 150% upside participation rate and an 80% trigger buffer. If the call observation condition is met on March 23, 2027, each $1,000 face amount will be redeemed on the call payment date for $1,118.60. If not called, maturity is March 15, 2028, and the cash settlement depends on final underlier performance on March 10, 2028. The notes pay no interest, carry issuer and guarantor credit risk, and may result in a total loss if the final underlier level is below the trigger buffer.

Goldman Sachs published an index supplement addendum dated March 11, 2026 for the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER (Bloomberg: SPAR4V6). The supplement describes an index that seeks volatility‑adjusted exposure to the S&P 500® Futures Excess Return Index with a rules‑based overlay, subject to a maximum exposure of 500%, a maximum daily leverage change of 100%, and a daily decrement of 6.0% per annum.

The index launch date is December 27, 2024, with historical/hypothetical data shown back to January 4, 2000; hypothetical performance is used for periods prior to the launch. The supplement reports the index exposure to the futures index was 383.15% on February 27, 2026 and includes comparative annualized returns and volatility versus the S&P 500® and the S&P 500® Futures Excess Return Index.

Goldman Sachs published an index supplement addendum for the S&P 500® Futures 40% VT Adaptive Response 4% Decrement Index (USD) ER (Bloomberg: SPAR4V4) describing a rules-based, volatility-adjusted exposure overlay to the S&P 500® Futures Excess Return Index with a 4.0% per annum daily decrement. The index permits up to 500% exposure and a maximum daily leverage change of 100%, and it adjusts exposure daily based on calendar signals and price patterns.

The supplement reports index metrics through February 27, 2026: annualized returns of -1.94% (1 year), 16.96% (3 years), and 11.23% (5 years); annualized volatility near 42%; and index exposure of 383.15% on February 27, 2026. Historical data prior to the index launch on December 27, 2024 are hypothetical and were produced by the index sponsor.

GS Finance Corp. is offering Digital S&P 500® Index-Linked Notes due March 16, 2028, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and have a structured maturity payoff tied to the S&P 500 (Bloomberg: SPX Index). For each $1,000 face amount the payoff is: the $1,223.50 maximum settlement amount if the final level is ≥ the initial level; $1,000 if the final level is below the initial but ≥ the 75% trigger buffer level; or $1,000×(1 + underlier return) if the final level is below 75%—so losses occur dollar-for-dollar below the buffer (the trade date is March 11, 2026 and the determination date is March 13, 2028, terms subject to adjustment).

GS Finance Corp. offers $ Buffered Digital Russell 2000® Index-Linked Notes due March 17, 2027, guaranteed by The Goldman Sachs Group, Inc.

The notes pay no interest and provide a capped upside of $1,153 per $1,000 face amount if the Russell 2000 final level on the determination date is at or above the initial level of 2,548.078. They provide a full face amount repayment if the final level declines up to the 10% buffer (buffer level = 90% of the initial level) and expose holders to proportional principal loss if the underlier falls below the buffer.

GS Finance Corp. offers autocallable contingent coupon index-linked notes due March 18, 2030, guaranteed by The Goldman Sachs Group, Inc. The offering registers an aggregate face amount of $2,816,000 and an original issue price of 100% of face amount. Coupons: $7.709 per $1,000 (0.7709% monthly, ~9.25% per annum) payable on a coupon payment date only if each underlier is ≥ 60% of its initial level on the related coupon observation date. The notes are automatically called on a call payment date if, as measured on any call observation date commencing September 2026, each index is ≥ 95% of its initial level; call observation dates run through February 2030. At maturity (determination date March 11, 2030), if not called, the cash settlement amount for each $1,000 depends on the lesser performing index return and a trigger buffer set at 55% of initial levels, meaning investors may lose a substantial portion of principal if the worst index falls below that buffer. The pricing supplement states the estimated value on the trade date is approximately $990 per $1,000 face amount; underwriting discount is 0.85%.

GS Finance Corp. offers autocallable index-linked notes guaranteed by The Goldman Sachs Group, Inc., linked to the S&P 500, Nasdaq-100 and Russell 2000. Notes have an expected trade date of March 20, 2026, an expected original issue date of March 25, 2026, an expected automatic call observation date of March 22, 2027 (call payment March 29, 2027) and an expected stated maturity of March 27, 2029.

If all three indices are at or above their initial levels on the call observation date, each $1,000 face amount will be redeemed for $1,160. If not called, the maturity payment is based solely on the lesser performing index: up to $1,000 plus 125% of the lesser performing index return if all final levels exceed their initials; the absolute value of a negative lesser return when every final level is at least 65% of its initial; otherwise the payout equals $1,000 plus the (negative) lesser performing index return, which can produce losses exceeding 35% and result in receiving less than 65% of face. The estimated value on the trade date is between $925 and $955 per $1,000 face amount; original issue price is 100% of face.

GS Finance Corp. issued principal-protected-style notes guaranteed by The Goldman Sachs Group, Inc. The notes reference the Nasdaq-100 and Russell 2000, have an upside participation rate of 150% and a 15% buffer (buffer level = 85% of initial).

The notes pay no interest, may be automatically called on the call observation date March 8, 2027 (call payment March 15, 2027) if each underlier is ≥ its initial level; in that event the cash per $1,000 face amount is $1,152.50. If not called, final payoff at stated maturity March 13, 2029 is based solely on the lesser performing underlier as measured on the determination date March 6, 2029, with potential for substantial principal loss (example: a final lesser underlier level of 21% yields a cash settlement of 36% of face, a 64% loss).

GS Finance Corp. is offering buffer‑protected, autocallable notes guaranteed by The Goldman Sachs Group, Inc. The offering is for an aggregate face amount of $908,000 with an original issue price of 100% of face amount and an underwriting discount of 4.25%.

The notes reference the Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX), bear no interest, and have an upside participation rate of 100%. They include a buffer equal to 20% (buffer level = 80% of initial). Semi‑annual automatic call observation dates begin on March 8, 2027 with escalating call premiums; the determination date is March 6, 2031 and the stated maturity date is March 13, 2031.

The payment at maturity (if not called) depends solely on the lesser performing underlier. If the lesser performing underlier falls to 20% of its initial level, the cash settlement would be 40% of face amount, i.e., a 60% loss on each $1,000 face amount. The notes are cash‑settled, not equity, and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering Autocallable Goldman Sachs Momentum Builder® Focus ER Index-Linked Notes due 2033, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest, carry a 100% upside participation rate and a 102% call level; they may be automatically called on specified annual observation dates with graduated call premiums (11.25%–67.50%). The trade date is March 20, 2026, original issue date March 25, 2026, and stated maturity is March 29, 2033 (determination date March 22, 2033). GS&Co.’s estimated value on the trade date is $850 to $880 per $1,000 face amount, which is less than the original issue price. The notes reference the Goldman Sachs Momentum Builder® Focus ER Index (Bloomberg: GSMBFC5 Index), which applies a 5% realized volatility control, daily rebalancing and a 0.65% per annum deduction; the index may allocate a substantial portion to hypothetical cash positions, and the cash settlement at maturity is no less than the face amount.

GS Finance Corp. offers callable, contingent coupon index‑linked notes due February 25, 2028, guaranteed by The Goldman Sachs Group, Inc. Coupons of $9.875 per $1,000 may be paid monthly if each index meets a 65% observation threshold.

The maturity payout is linked to the lesser performing index (Dow Jones Industrial Average®, Nasdaq‑100®, EURO STOXX 50®) and is subject to a 70% trigger buffer; final principal can be reduced pro rata and may result in losses up to the full principal. The notes are subject to issuer redemption from June 2026 through January 2028 and carry issuer and guarantor credit risk.

GS Finance Corp. is offering non‑interest medium‑term notes guaranteed by The Goldman Sachs Group, Inc. linked to an equally weighted basket of six private-equity-related stocks with an initial basket level of 100. The notes carry an upside participation rate of 300% and a cap level set on the trade date (expected between 114.37% and 116.9%) that limits the maximum settlement amount (expected between $1,431.1 and $1,507 per $1,000 face amount). The determination date is expected ~13–15 months after the trade date and the stated maturity is expected three scheduled business days after that determination date. The estimated value at pricing is expected to be between $945 and $975 per $1,000 face amount, and payments at maturity depend on the basket return and are subject to credit risk of the issuer and guarantor.

GS Finance Corp. is offering autocallable, EURO STOXX 50® index-linked notes due 2031 that are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest, have an automatic call feature and a cash settlement tied to the EURO STOXX 50® performance.

For each $1,000 face amount, an automatic call pays $1,220 if the underlier's closing level is greater than or equal to the initial level on the call observation date. At maturity the cash settlement depends on the final underlier level, a 125% upside participation rate and a 70% trigger buffer; investors may lose their entire investment if the final level is below the trigger buffer.

GS Finance Corp. is offering leveraged, index-linked notes tied to the Russell 2000 with a stated maturity in 2029, guaranteed by The Goldman Sachs Group, Inc. Each $1,000 face amount pays at maturity based on the Russell 2000 performance from the trade date to the determination date, with a 200% upside participation capped at a $1,410 maximum settlement amount. If the final index level falls below 80% of the initial level, investors lose proportionally and could lose their entire investment. Key dates include trade date March 31, 2026, original issue date April 6, 2026, determination date April 2, 2029, and stated maturity April 5, 2029. The notes do not pay interest and are subject to issuer and guarantor credit risk.

GS Finance Corp. is offering market-linked notes guaranteed by The Goldman Sachs Group, Inc., linked to an unequally weighted basket of five equity indices. The basket weights: EURO STOXX 50 40%, Nikkei 225 25%, FTSE 100 17.5%, SMI 10%, S&P/ASX 200 7.5%. The participation rate will be set on the trade date and is expected to be between 102.00% and 106.10%. Trade date is expected to be March 13, 2026, original issue date March 17, 2026, determination date March 13, 2031, and stated maturity date March 17, 2031. At maturity, if the final basket level exceeds the initial level (100), holders receive principal plus the positive basket return times the participation rate; if not, holders receive the face amount per $1,000 note. The notes pay no interest, are unsecured, subject to issuer and guarantor credit risk, may be illiquid, and have an estimated value on the trade date of between $920 and $950 per $1,000 face amount. Original issue price is 100.00% with underwriting discount 3.50% and net proceeds 96.50% of face amount.

GS Finance Corp. offers structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER (Bloomberg: SPAR4V6). The notes have an aggregate face amount of $1,120,000, mature on March 9, 2029 and may be redeemed quarterly by the issuer beginning March 2027.

Coupons are conditional: a coupon for each $1,000 face amount equals $10 times the number of qualifying coupon observation dates (1% monthly) less prior coupons, paid only when the underlier closing level ≥ 52.25% of the initial level. The index applies a daily 6.0% per annum decrement and may use up to 500% leverage. The estimated value at pricing was approximately $962 per $1,000 face amount.

GS Finance Corp. is offering leveraged, callable, S&P 500® Futures Excess Return Index‑linked notes due March 18, 2033, guaranteed by The Goldman Sachs Group, Inc. The notes provide 450% upside participation if the final underlier level exceeds the initial level set on the trade date (March 17, 2026). If the index return is zero or negative on the determination date, holders receive the $1,000 face amount. The issuer may redeem the notes on monthly call payment dates beginning in March 2027 through February 2033 for $1,000 plus a specified call premium (table attached). Estimated value at pricing is between $885 and $925 per $1,000 face amount; original issue price is 100% of face. Payments depend on the futures‑linked underlier (not the S&P 500® index), are subject to issuer and guarantor credit risk, negative roll/financing effects on the underlier, and special U.S. tax rules for contingent payment debt instruments.

GS Finance Corp. priced structured notes (aggregate face amount $28,145,000) maturing on September 11, 2030 with quarterly contingent coupons of $28 per $1,000 (2.8% quarterly) and an issuer call from March 2027 through June 2030.

Coupons pay only if each underlier (Russell 2000®, S&P 500® and iShares® MSCI EAFE ETF) stays at or above 80% of its initial level during a quarterly observation period; principal at maturity is protected only if each final underlier level is ≥ 60% of its initial level, otherwise repayment is reduced pro rata by the lesser performing underlier return. The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and have an estimated value at pricing of $972 per $1,000 face amount versus an issue price of 100%.

GS Finance Corp. offers callable, monthly‑coupon notes guaranteed by The Goldman Sachs Group, Inc. The notes reference four stocks (TSM ADS, Broadcom, Meta Platforms Class A, AMD) with monthly coupon triggers set at 75% of each stock's initial price. Coupons pay either $7.292 (maximum) or $0.209 (minimum) per $1,000 face amount on each coupon payment date. The notes may be automatically called on observation dates beginning in March 2027 through February 2031, and are expected to mature on or about April 3, 2031. The trade date is expected to be March 27, 2026, and the original issue date is expected to be March 31, 2026. The estimated value on the trade date is between $885 and $935 per $1,000 face amount.

GS Finance Corp. is offering underlier-linked notes due 2029, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

Each $1,000 note pays no interest and at maturity provides a cash settlement tied to the lesser performing underlier of the EURO STOXX 50® Index and the iShares® MSCI EAFE ETF. Key economics include an upside participation rate of 295%, a maximum settlement amount of $1,600 per $1,000 face amount, and a trigger buffer level of 70% of the initial underlier level. Trade date is March 13, 2026, original issue date March 18, 2026, determination date March 13, 2029 and stated maturity March 16, 2029. If the final level of the lesser performing underlier is below the trigger buffer, holders suffer proportional principal losses and may lose their entire investment.

GS Finance Corp. is offering structured callable notes linked to the common stocks of Tesla, Inc., Alphabet Inc. (Class A) and NVIDIA Corporation with an aggregate face amount of $500,000 on the original issue date. The notes mature on March 11, 2027 but are subject to automatic redemption on observation dates beginning in June 2026 if each index stock closes at or above its initial price.

Quarterly coupons of $32.875 per $1,000 face amount (3.2875% quarterly, 13.15% per annum) are payable only if each index stock on a coupon observation date is at least 50% of its initial price. At maturity, if a trigger event occurs (all final prices below initial prices), payment depends on the least-performing stock and may be significantly less than principal; if no trigger event occurs, the face amount is returned and a final coupon may be paid if coupon conditions are met. The estimated initial valuation was approximately $961 per $1,000 face amount.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering contingent monthly coupon notes linked to the Nasdaq-100, Russell 2000 and S&P 500. For each $1,000 face amount, coupons of $10.042 may be payable monthly if each underlier closes at or above 70% of its initial level on observation dates. At maturity, if not redeemed, the cash settlement depends solely on the lesser performing underlier: you receive $1,000 if that underlier is at or above 70% of its initial level; otherwise you receive $1,000 plus $1,000 times the lesser performing underlier return, which can result in a total loss of principal. The issuer may redeem the notes on quarterly coupon payment dates commencing in June 2026 through December 2028. Trade date is March 6, 2026, original issue date March 11, 2026, and stated maturity date March 12, 2029.

GS Finance Corp. is offering State Street SPDR S&P Homebuilders ETF‑linked notes due May 11, 2027, guaranteed by The Goldman Sachs Group, Inc. The notes reference the ETF XHB with an initial underlier level of $105.55 (trade date March 6, 2026). At maturity holders receive for each $1,000 face amount either: (i) the capped upside—participation at 200% of the ETF return up to a $1,275 maximum, (ii) the face amount if the final level is down up to 10%, or (iii) a loss proportional to the ETF decline if the final level is below the 90% trigger buffer (you could lose your entire investment). The original issue price is 100% of face; estimated value at pricing was approximately $965 per $1,000. Payments are unsecured and subject to issuer/guarantor credit risk and tax uncertainties described herein.

The offering describes GS Finance Corp. market-linked notes guaranteed by The Goldman Sachs Group, Inc. 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%).

The notes have an initial basket level of 100, a participation rate set on the trade date (expected between 102.00% and 106.10%), trade date expected March 13, 2026, original issue date expected March 17, 2026, determination date expected March 13, 2031 and stated maturity date expected March 17, 2031. If the final basket level is greater than 100, holders receive principal plus the basket return times the participation rate; if equal or lower, holders receive the face amount.

The issuer, GS Finance Corp. is offering notes linked to the S&P 500® Index, the State Street® Utilities Select Sector SPDR® ETF and the iShares® U.S. Real Estate ETF. The notes mature on March 12, 2029 unless redeemed earlier by the company.

Each $1,000 face amount may pay a monthly coupon of $6.167 (0.6167% monthly, ~7.4% annually) on a coupon payment date only if the closing level of each underlier on the related coupon observation date is >= 60% of its initial level. At maturity, if the lesser performing underlier is >= 60% of its initial level, holders receive $1,000 plus any final coupon; if below 60%, payoff equals $1,000 plus the lesser performing underlier return times $1,000, exposing holders to principal loss.

GS Finance Corp. is offering $7,812,000 of Contingent Income Auto-Callable Securities guaranteed by The Goldman Sachs Group, Inc., linked to the common stock of GE Vernova Inc. (initial share price $789.23). The securities were priced on March 6, 2026, issued on March 11, 2026, and mature on March 9, 2029, but may be automatically called earlier if the underlying stock closes at or above the initial share price on any call observation date.

The securities pay a contingent quarterly coupon per $1,000 principal that is payable only when the closing price on a coupon observation date is at or above the downside threshold price of $394.615 (50.00% of the initial share price). If the final share price on the determination date is below the downside threshold price, principal is reduced on a 1:1 basis by share performance; if the final share price is at or above the downside threshold price, principal is returned (plus any final contingent coupon). The offering includes a 2.25% underwriting discount and an estimated value of $964 per security as of the pricing date.

GS Finance Corp. is offering principal-protected-conditional structured notes linked to the Invesco QQQ, Series 1 ETF with guaranty by The Goldman Sachs Group, Inc. Trade date is March 13, 2026, original issue date expected March 18, 2026, and stated maturity expected March 18, 2031.

The notes do not pay interest. They feature an automatic call observation on March 22, 2027: if the ETF closing level on that date is >= the initial ETF level, each $1,000 face amount will be redeemed for $1,150 on the call payment date. If not called, the maturity payoff is linked to ETF performance: upside participation is 161% (i.e., 1.61x the ETF return if positive); if the ETF declines, losses equal the ETF return and you could lose your entire investment. The estimated value at pricing is between $885 and $925 per $1,000 face amount. Credit risk rests with GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. offers S&P 500® Index‑Linked Notes due March 31, 2031, guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount, does not pay interest, and will pay at maturity either the face amount or a cash settlement tied to the S&P 500® return measured from the trade date to the determination date. The trade date is March 26, 2026 and the determination date is March 26, 2031. If the final underlier level exceeds the initial level, holders receive $1,000 plus the index return, capped at a maximum settlement amount of at least $1,380. If the final level is equal to or below the initial level, holders receive the $1,000 face amount. Investors remain exposed to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., limited upside due to the cap, no interest payments, and potential secondary‑market illiquidity.

GS Finance Corp. is offering $ Buffered S&P 500® Index-Linked Notes due 2028, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return on each $1,000 face amount at maturity depends on the S&P 500® performance between the March 17, 2026 trade date and the March 17, 2028 determination date. If the final underlier level is above the initial level, investors receive the underlier return capped at a $1,200 maximum settlement amount per $1,000 face. If the final level is between 80% (the buffer level) and the initial level, investors receive the face amount. If the final level is below the buffer level, losses occur on a 1:1 basis below the buffer, so principal can be substantially reduced. Key economics: 100% original issue price, underwriting discount 1.75%, net proceeds 98.25%. Cash-flow treatment and tax characterization are discussed, with US federal tax treatment described as uncertain.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering principal-at-risk notes linked to the S&P 500® Futures Excess Return Index that mature on March 11, 2031. For each $1,000 face amount, you receive no interest and the cash settlement at maturity equals either the threshold settlement amount of $1,655 or $1,000 plus $1,000 times the underlier return when the final underlier level is greater than or equal to the initial level; if the final underlier level is lower, you lose 1% of face amount for each 1% decline (you could lose your entire investment).

The notes reference the E-mini S&P 500 futures (Bloomberg: SPXFP Index), have an aggregate face amount of $933,000, trade date March 6, 2026, original issue date March 11, 2026, determination date March 6, 2031, and an underwriting discount of 1.2% (net proceeds 98.8% of face). The offering is exposed to issuer/guarantor credit risk, futures-specific risks (negative roll yield, contango), market‑disruption provisions, and uncertain U.S. federal income tax treatment.

GS Finance Corp. is offering Buffered Digital S&P 500® Index-Linked Notes due 2033, fully guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return at maturity depends on S&P 500 performance measured from the April 9, 2026 trade date to the April 11, 2033 determination date.

Key terms include a 10% buffer (buffer level = 90% of the initial level), a buffer rate of 100%, and a capped maximum settlement amount of $1,650 per $1,000 face amount. If the final underlier level is below the buffer level, principal losses occur proportionally; if at or above the buffer level, payment is capped at the maximum settlement amount. The notes are subject to issuer and guarantor credit risk and may have limited secondary-market liquidity.

GS Finance Corp. offers autocallable Russell 2000® Index-linked notes due March 30, 2029, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest, may be automatically called on annual observation dates and provide cash payoffs tied to the Russell 2000® performance.

If automatically called, investors receive principal plus a call premium (examples: 12.25% on the first call, 24.5% on the second). If held to maturity and not called, the cash settlement is capped at 36.75% above principal for strong underlier performance, but can decline to a full loss if the final underlier level falls to 0.00%. Original issue price is 100% of face amount with a distribution concession of 2.25%.

GS Finance Corp. priced $6,063,000 of Buffered Performance Leveraged Upside Securities ("PLUS") linked to the MSCI EAFE Index. Each PLUS has a $1,000 stated principal, $6,063,000 aggregate initial principal, pricing date March 6, 2026, original issue date March 11, 2026, valuation date September 7, 2027, and stated maturity September 10, 2027.

The notes provide 200% leveraged upside of positive index returns subject to a cap of $1,167.50 per PLUS (116.75% of principal), a 5.00% buffer on initial losses, and a minimum payment of $50.00 per PLUS (5.00% of principal). The estimated initial model value was approximately $956 per PLUS; original issue price equals stated principal. All payments are subject to issuer and guarantor credit risk.

GS Finance Corp. priced principal-at-risk, autocallable notes backed by Nasdaq-100 Technology Sector, Russell 2000 and S&P 500 underliers. The $2,099,000 offering has no interest, monthly automatic call features with step-up call premiums (12%–59%), a capped maturity upside of 60.00%, and a 70% trigger buffer that can cause loss of principal linked to the lesser performing underlier.

GS Finance Corp. priced medium-term structured notes, guaranteed by The Goldman Sachs Group, Inc., linked to the Nasdaq-100 Index. The offering has an aggregate face amount of $2,065,000 and a face amount of $1,000 per note. The notes pay no interest and feature an upside participation rate of 175% and a trigger buffer level of 75% of the initial underlier level. If the closing level on the call observation date is greater than or equal to the initial level, the notes will be automatically called and pay $1,106 per $1,000 on the call payment date. If not called, the cash settlement at maturity on March 11, 2031 depends on the final underlier level: full upside participation above the initial level, return of principal at or above the trigger buffer, or a proportional loss (you may lose your entire investment if the final level is below the trigger buffer). The notes are subject to issuer and guarantor credit risk, a structuring fee of up to 0.8%, model-derived pricing below issue price, and limited secondary market liquidity.

GS Finance Corp. priced buffered S&P 500® index-linked notes due 2027, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return at maturity depends on the S&P 500 performance from the March 13, 2026 trade date to the March 29, 2027 determination date. If the final underlier level is at or above the buffer level (set at 90% of the initial level), each $1,000 face amount will pay the $1,096 maximum settlement amount. If the final level is below the buffer level, losses are amplified by the buffer rate (~111.11%), and investors can lose up to their entire investment. The notes are issued at 100% of face amount, carry an underwriting discount of 1%, and are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. Terms are subject to adjustment per the general terms supplement.

GS Finance Corp. offers contingent quarterly‑coupon medium‑term notes with a $5,777,000 aggregate face amount, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes pay quarterly coupons of $23.75 per $1,000 (2.375% quarterly, up to 9.50% per annum) if each underlier is ≥70% of its initial level on a coupon observation date, are callable early if all underliers close ≥ their initial levels on a call observation date, and mature on March 11, 2032. The cash settlement at maturity is based on the performance of the lesser performing underlier (Dow Jones Industrial Average, Russell 2000, S&P 500); if that underlier finishes below 70% of its initial level, investors may lose a substantial portion, or the entirety, of principal.

GS Finance Corp. is offering structured, S&P 500®-linked notes with an aggregate face amount of $13,847,000, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes reference the S&P 500® Index with an upside participation rate of 176% and a 10% buffer (buffer level = 90% of the initial level). If the closing level on the call observation date is greater than or equal to the initial level, the notes will be automatically called and pay $1,100 per $1,000 face amount on the call payment date. If not called, maturity payoff depends on the final underlier level with outcomes that can range from full principal loss to leveraged upside participation; the notes do not bear interest.

The trade date is March 6, 2026, original issue date March 11, 2026, call observation date March 19, 2027, call payment date March 24, 2027, determination date March 6, 2028, and stated maturity date March 9, 2028. Original issue price is 100% of face amount with an underwriting discount of 1.5% (net proceeds 98.5%). Material risks disclosed include possible loss of entire investment, issuer/guarantor credit risk, lack of interest payments, limited liquidity, and uncertain U.S. federal tax treatment.

GS Finance Corp. offers principal-at-risk notes linked to the S&P 500® Index, guaranteed by The Goldman Sachs Group, Inc. Each $1,000 note pays no interest and matures on March 9, 2028 (determination date March 6, 2028), with an aggregate face amount of $6,939,000. If the final underlier level is at or above the initial level you receive the underlier return up to a capped cash payment of $1,193 per $1,000. If the final level is below the initial level but no more than the 20% buffer (buffer level = 80% of initial), you receive the absolute underlier return (a decline of 10% yields +10%). If the final level falls below the buffer, losses apply and you can lose a substantial portion of principal. The notes reference an initial underlier level of 6,740.02 and the underwriting discount is 0.15% (net proceeds 99.85% of face).

GS Finance Corp. is offering principal-at-risk notes linked to the S&P 500® Index, guaranteed by The Goldman Sachs Group, Inc. Each note has a $1,000 face amount and pays no interest. If the final index level on the determination date is at or above a buffer level equal to 90% of the initial level, the investor receives a $1,090 maximum settlement amount per $1,000 face amount. If the final index level is below the buffer level, losses apply: investors lose approximately 1.1111% of face amount for each 1% decline below the buffer and could lose the entire investment. Trade date is March 6, 2026, original issue date March 11, 2026, determination date March 19, 2027, and stated maturity date March 24, 2027. Aggregate face amount initially offered is $11,178,000. The notes cap upside at the maximum settlement amount and expose holders to issuer/guarantor credit risk and limited secondary market liquidity.

GS Finance Corp. is offering autocallable contingent coupon notes linked to the iShares Semiconductor ETF (SOXX) with an initial underlier level of $323.51 and a stated maturity of March 11, 2030. Each $1,000 face amount pays a quarterly coupon of $47.75 (4.775% quarterly, up to 19.1% annually) only if the closing level on a coupon observation date is at or above the coupon trigger level (75% of the initial level). Notes are automatically called on call observation dates (Sept 2026–Dec 2029) if the underlier is at or above the initial level; if not called, final cash settlement depends on the underlier return versus the trigger buffer level (65%), exposing holders to potential principal loss, including loss of most or all principal if the final level is below the trigger buffer. The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., and carry issuer/guarantor credit risk. The estimated value on the trade date was approximately $984 per $1,000 face amount.

GS Finance Corp. offers Buffered Digital S&P 500® Index-Linked Notes due April 14, 2032, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and return a cash payment at maturity tied to the S&P 500® Index performance between the April 9, 2026 trade date and the April 9, 2032 determination date. For each $1,000 face amount, holders receive either the $1,485 maximum settlement amount if the final index level is at or above the 85% buffer level, or a reduced cash payment that declines 1% for each 1% the final level falls below the buffer (subject to the stated formula). The notes are subject to the issuer's and guarantor's credit risk, have no shareholder rights in the underlier, and may trade at prices that differ materially from the original issue price.