Goldman Sachs Group (GS) 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering non-interest-bearing auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The index uses up to 500% leverage, a 40% volatility target and a fixed 6.0% per annum decrement that is deducted daily, which can significantly reduce returns and magnify losses.

The notes may be automatically called quarterly from May 2026 if the index is at least 95% of the initial level of 439.49, paying back principal plus a call premium (starting at 12.5% and stepping up to 118.75% of face). If not called and at maturity in November 2030 the index is at least 95% of its initial level, holders receive a capped maximum of $2,250 per $1,000 face amount. If the index falls by up to 40%, holders receive principal; if it falls by more than 40%, repayment is reduced one-for-one with the index loss and all principal can be lost.

The aggregate face amount is $1,801,000, issued at 100% of face with net proceeds of 99.2% after a 0.8% underwriting discount. The estimated value on the trade date is approximately $952 per $1,000 face amount, reflecting structuring costs and dealer compensation, and secondary market prices may be lower and influenced by Goldman Sachs’ credit risk and market factors.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, no-interest notes linked to three underliers: the Nasdaq-100 Technology Sector Index, the S&P 500® Index and the Energy Select Sector SPDR® Fund. The notes have an aggregate face amount of $1,977,000, a trade date of November 21, 2025 and a stated maturity of November 30, 2027, subject to early automatic call.

The notes may be automatically called on call observation dates starting November 23, 2026 if each underlier is at least 90% of its initial level (11,840.45 for the Nasdaq-100 Technology Sector Index, 6,602.99 for the S&P 500® Index and $89.42 for XLE). If called, investors receive $1,000 plus a call premium of 16% or 24% depending on the call date.

If not called, the maturity payoff per $1,000 depends on the lesser performing underlier. Investors receive $1,320 if all final levels are at least 90% of initial; $1,000 if all are at least 70% but any is below 90%; and otherwise $1,000 plus the lesser performing underlier return times $1,000, which can reduce repayment below 70% of face, including total loss. The maturity upside is capped at a 32% gain, investors forgo dividends, and payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value at pricing is approximately $967 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $4,308,000 of index-linked Medium-Term Notes, Series F. These notes pay a contingent quarterly coupon of $22.125 per $1,000 face amount (2.2125% quarterly, up to 8.85% per year) only if the Dow Jones Industrial Average, Russell 2000 Index and S&P 500 Index are each at or above 70% of their initial levels on the relevant observation date.

The notes can be automatically called on specified dates if all three indexes are at or above their initial levels, returning $1,000 per note plus any due coupon, which can significantly shorten the investment term. If the notes are not called, principal repayment at maturity in 2031 depends on the worst-performing index. If the lowest index finishes below 70% of its initial level, repayment is reduced one-for-one with that decline, and investors can lose their entire investment.

The notes are unsecured obligations exposed to the credit risk of GS Finance Corp. and its parent, have an estimated value below the 100% issue price due to fees and expenses, are not listed on any exchange and may have limited secondary market liquidity. The tax treatment is complex and uncertain, and coupon payments are expected to be taxed as ordinary income.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing medium-term, index-linked notes with an aggregate face amount of $25,186,000 tied to the Goldman Sachs Momentum Builder® Focus ER Index. The notes can be automatically called each year if the index closes at or above a rising call level; in that case, holders receive $1,000 per note plus a call premium (starting at 7.70% in 2026 and stepping up annually).

If the notes are never called, the cash paid at maturity in 2032 depends on index performance: for a positive index return, investors receive $1,000 plus 100% of the index gain; for a flat or negative index return, they receive only the $1,000 face amount. The notes pay no periodic interest, and the estimated value on the trade date is $892 per $1,000 face amount, below the original issue price, reflecting fees and hedging costs.

The underlying index is a rules-based, daily rebalanced strategy that allocates among equity, bond, commodity and cash exposures, applying 5% volatility control, a momentum risk control overlay and a 0.65% annual deduction, which can keep a large portion of the index in low- or zero-return cash positions. Key risks include issuer and guarantor credit risk, potential illiquidity, capped returns upon early call, complex index methodology, tax treatment as a contingent payment debt instrument and the possibility of earning no return beyond principal repayment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon notes linked to the S&P 500® Index and maturing on January 2, 2031. The notes can pay a quarterly coupon of at least $16.5 per $1,000 face amount (at least 1.65% per quarter, with the potential for up to at least 6.60% per year) if on each observation date the index is at or above 70% of its initial level; otherwise, no coupon is paid for that quarter.

At maturity, if the notes have not been redeemed and the S&P 500® is at or above 70% of its initial level, investors receive back the full $1,000 per note. If the index finishes below 70%, repayment is reduced one-for-one with the index decline, so investors can lose up to 100% of their principal. The issuer may redeem the notes at par plus any due coupon on quarterly dates from January 2027 through October 2030, which can shorten the investment term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $721,000 of leveraged buffered notes linked to the S&P 500® Futures Excess Return Index, maturing on November 27, 2028. The notes pay no interest; all value comes from the index performance between the initial level of 539.99 and the final level on the determination date.

If the index return is zero or positive, holders receive their principal plus 118% of the index gain. If the index is down but not by more than 21.5%, investors gain the absolute value of the loss (a buffer-with-reversal feature). If the index falls more than 21.5%, principal is reduced by the decline beyond that buffer, so a substantial loss of principal is possible.

The original issue price is 100% of face, with a 0.5% underwriting discount and 99.5% net proceeds to the issuer. The estimated value at pricing is about $979 per $1,000, reflecting fees and hedging costs. Payments depend on the credit of GS Finance Corp. and its guarantor, and there may be limited or no secondary market. The filing also highlights complex tax treatment and potential future tax law changes affecting returns.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable contingent coupon equity-linked notes due 2027 tied to Tesla, Inc. common stock. Investors receive a monthly coupon of $17.5 per $1,000 (1.75% per month, up to 21.00% per year) only if Tesla’s closing level on the observation date is at least 60% of the initial level. At maturity, if not previously redeemed and Tesla is at or above 50% of its initial level, investors receive full principal; below 50%, repayment falls one-for-one with Tesla’s decline, and the entire investment can be lost. The issuer may call the notes at par plus any due coupon on any coupon payment date from March 2026 through August 2027. The estimated value on the trade date is lower than the original issue price, the notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and they will not be listed, which may limit liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500®-linked notes with an automatic call feature and significant downside risk. The notes have a $2,643,000 aggregate face amount and a $1,000 face value per note. They pay no interest and may be automatically called on December 9, 2026, if the S&P 500 closing level on the December 4, 2026 call observation date is at or above the initial level of 6,602.99, in which case holders receive $1,080 per $1,000 face amount.

If not called, the November 27, 2028 maturity payment depends on index performance. Above the initial level, investors receive $1,000 plus 202.23% of the index gain. Between 90% and 100% of the initial level, they receive back only the $1,000 face amount. Below 90%, losses accelerate via a buffer rate of about 111.11%, and investors can lose their entire investment. The notes’ estimated value on the trade date is less than the 100% issue price, they are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., and there may be limited or no secondary market liquidity.

The Goldman Sachs Group, Inc. (GS) is offering callable fixed rate notes due 2035 under its Medium-Term Notes, Series N program. The notes are expected to be issued on December 16, 2025 and to mature on December 14, 2035.

Investors are expected to receive a fixed interest rate of 5.00% per annum, with interest paid annually on December 16 and at maturity, starting with the first payment expected on December 16, 2026. Interest is calculated using the 30/360 (ISDA) day count convention.

Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on quarterly redemption dates, expected to be March 16, June 16, September 16 and December 16 on or after December 16, 2027, at 100% of the outstanding principal amount plus accrued and unpaid interest to, but excluding, the redemption date. The notes are issued in book-entry form through DTC, are not bank deposits and are not insured by the FDIC or any governmental agency.

The notes are being underwritten by Goldman Sachs & Co. LLC and InspereX LLC, with sales at the initial price to the public or at market-related or negotiated prices. The offering is restricted in certain jurisdictions, including the EEA, United Kingdom, Hong Kong, Singapore, Japan and Switzerland, where sales are limited to specified non-retail or professional investors and subject to local securities laws.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2045 under its Medium-Term Notes, Series N program. The notes are expected to be issued on December 16, 2025 and pay interest at a fixed rate of 5.35% per annum from the original issue date to the stated maturity date, expected to be December 15, 2045.

Interest is expected to be paid annually on December 16, beginning December 16, 2026, and at maturity. Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on quarterly redemption dates starting on or after December 16, 2028 at 100% of principal plus accrued interest. The notes are unsecured senior debt, issued only in book-entry form through DTC, are not bank deposits, and are not insured by the FDIC or any government agency.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2037 under its Medium-Term Notes, Series N program. The notes are expected to be issued on December 16, 2025 and are scheduled to mature on December 16, 2037.

Holders will receive interest at a fixed rate of 5.05% per annum, paid annually on each December 16, with the first payment expected on December 16, 2026. The notes are senior unsecured obligations, issued in book-entry form through DTC, and are not bank deposits, are not FDIC insured, and are not guaranteed by a bank.

Goldman Sachs may, at its option, redeem the notes in whole (but not in part) on each March 16, June 16, September 16 and December 16 on or after December 16, 2027 at 100% of principal plus accrued and unpaid interest, upon at least five business days’ notice. There is no sinking fund, and investors cannot require early repayment. Interest is calculated using a 30/360 (ISDA) day count convention, interest is taxable as ordinary income for U.S. holders, and the notes are generally subject to FATCA withholding rules.

GS Finance Corp. is issuing $1,042,000 of autocallable index-linked notes due November 29, 2028, guaranteed by The Goldman Sachs Group, Inc. The notes pay no interest and are linked to the S&P 500®, Nasdaq-100® and Russell 2000® indices.

The notes are automatically called on November 23, 2026 if each index is at or above its initial level, returning $1,137 per $1,000 on December 1, 2026. If not called, repayment at maturity depends on the worst-performing index: gains are leveraged at a 125% participation rate when all indices finish above their initial levels, while a 67% buffer applies only down to a 33% loss. Below 67% of the initial level for any index, principal falls one-for-one with the worst index and up to the entire investment can be lost.

The estimated value on the trade date is $964 per $1,000 face amount, reflecting structuring costs and dealer compensation, with a 1% underwriting discount and 99% net proceeds to the issuer.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $862,000 of Fixed Coupon Buffered Notes linked to the S&P 500 Volatility Plus Daily Risk Control Index, maturing on November 27, 2028. Investors receive fixed coupons of $13.25 per $1,000 each quarter (up to 5.3% per year) regardless of index performance.

At maturity, for each $1,000, investors get $1,000 plus the final coupon if the index has not fallen more than 15% from the initial level of 6,110.32. If the index is down more than 15%, principal is reduced on a 1:1 basis beyond that buffer, with examples showing losses up to 85% of principal. The notes do not participate in any upside above the initial index level, are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, and had an estimated initial value of about $948 per $1,000, below the original issue price.

The Goldman Sachs Group, Inc. is offering Medium-Term Notes, Series N, in the form of Callable Fixed Rate Notes due 2040. The notes are expected to pay a fixed interest rate of 5.20% per annum from the original issue date, expected to be December 16, 2025, to but excluding the stated maturity date, expected to be December 14, 2040. Interest is scheduled to be paid annually on each December 16, starting on the first interest payment date, expected to be December 16, 2026.

Goldman Sachs may redeem the notes, in whole but not in part, at its option on each March 16, June 16, September 16 and December 16 on or after June 16, 2028, at 100% of principal plus accrued interest. The notes will be issued as a global security through DTC, are unsecured debt obligations of The Goldman Sachs Group, Inc., and are not bank deposits or FDIC insured. U.S. holders will generally recognize ordinary interest income on payments, and the notes are subject to FATCA withholding rules. Distribution will be handled by Goldman Sachs & Co. LLC and InspereX LLC, with detailed selling and eligibility restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering an aggregate face amount of $1,000,000 of Nasdaq-100, Russell 2000 and S&P 500 linked notes under its Medium-Term Notes, Series F program.

The notes pay a contingent monthly coupon of $7.25 per $1,000 (0.725% monthly, up to 8.70% per year) only if the closing level of each index on the observation date is at least 60% of its initial level. The notes are automatically called at par plus coupon if, on any call observation date starting in May 2026, all three indexes are at or above their initial levels.

If the notes are not called, repayment at maturity in November 2028 depends on the worst-performing index. If that index is at or above 60% of its initial level, investors receive full principal back; otherwise the payoff is reduced one-for-one with the loss in that index, and investors can lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp. is issuing $2,173,000 of auto-callable, principal-protected notes linked to the common stock of Broadcom, Meta Platforms (Class A), NVIDIA and Tesla. The notes pay no interest and may be automatically called monthly if each stock’s closing level is at or above its initial level on a call observation date, in which case holders receive $1,000 plus a call premium (starting at 9.5004% and stepping up to 46.7103% per $1,000 face amount).

If the notes are never called and on the determination date all underliers are at or above their initial levels, investors receive $1,000 plus a 47.502% maturity premium; if any underlier is below its initial level, investors receive only the $1,000 face amount. The notes do not provide any participation above these caps and carry the credit risk of GS Finance Corp. and its guarantor, The Goldman Sachs Group, Inc. For U.S. tax purposes they are treated as contingent payment debt instruments, with a comparable yield of 4.37% used to accrue taxable income over the term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing Medium-Term Notes, Series F that are auto-callable and linked to the Nasdaq-100, Russell 2000 and S&P 500 indices. The aggregate face amount is $2,533,000, with an original issue price of 100% of face, an underwriting discount of 0.5% and net proceeds of 99.5% of face.

The notes pay a contingent monthly coupon of $8.5 per $1,000 (0.85% monthly, up to 10.20% per annum) if on each observation date every index is at or above 65% of its initial level. They may be automatically called from May 21, 2026 onward if each index is at or above its initial level, in which case holders receive $1,000 per note plus the due coupon.

At maturity on November 27, 2028, if not called and the worst-performing index is at or above 65% of its initial level, investors receive full principal back; if it is below 65%, repayment is reduced in line with that index’s loss and investors can lose their entire investment. The pricing supplement highlights credit risk of the issuer and guarantor, the possibility of receiving no coupons, secondary-market and valuation risks, and uncertain U.S. tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500® Index-linked buffered notes with an aggregate face amount of $930,000 under its Medium-Term Notes, Series F program. For each $1,000 note held to maturity, investors receive cash based on the index performance from the trade date to the determination date.

If the S&P 500 final level is above its initial level, the payoff rises one-for-one with the index but is capped at a maximum settlement amount of $1,460 per $1,000 note. If the index falls but remains at or above 85% of its initial level (a 15% buffer), investors receive back the $1,000 face amount. Below the 85% buffer level, principal is reduced at a 1% loss for each 1% further decline, so investors can lose a substantial portion of their investment.

The notes pay no interest, offer no dividends or shareholder rights in the S&P 500 companies, and their market value before maturity can be volatile. They are subject to the credit risk of GS Finance Corp. as issuer and The Goldman Sachs Group, Inc. as guarantor and include complex tax and valuation considerations described in the tax and risk discussions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $744,000 aggregate face amount of structured notes that pay variable monthly coupons linked to the stocks of Vistra, NVIDIA, Meta Platforms and UnitedHealth Group. The notes mature on November 29, 2030, but may be automatically called starting in November 2026 if each stock closes at or above 95% of its initial price.

On each monthly observation date, if every stock is at or above 75% of its initial level, holders receive a maximum coupon of $6.667 per $1,000 (about 8% per year); otherwise they receive a minimum coupon of $0.209 (about 0.25% per year. At maturity, investors receive $1,000 per note plus the final coupon. The notes are unsecured, subject to the credit risk of GS Finance Corp. and its guarantor, and their estimated value at pricing is $936 per $1,000, reflecting a 4% underwriting discount and structuring and distribution costs.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $19,838,000 of Contingent Income Auto-Callable Securities due November 26, 2027, linked to the worst performer of the S&P 500®, Russell 2000® and Nasdaq-100 Index®. These unsecured notes put your principal at risk and do not pay regular interest.

Investors can receive a $22.50 quarterly contingent coupon per $1,000 only if, on each coupon observation date, every index closes at or above its downside threshold, set at 70% of its initial level. If any index is below its threshold, that quarter’s coupon is $0.

The notes are auto-callable: if, on any call observation date starting February 23, 2026, all three indexes are at or above their initial values, the notes are redeemed at $1,000 per security plus the coupon, and no further payments are made.

If the notes are not called and on the final valuation date any index is below its downside threshold, repayment is reduced 1-for-1 with the decline of the worst-performing index, potentially down to zero. Investors do not participate in any index upside beyond receiving coupons.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500® Index-linked notes with an aggregate face amount of $926,000 maturing on August 24, 2029. For each $1,000 note, investors receive at maturity either the face amount or a positive return matching the index performance from the trade date to the determination date, capped at a maximum settlement amount of $1,212 (a 21.2% maximum gain). The notes pay no periodic interest and are subject to the credit risk of both the issuer and guarantor.

The pricing supplement highlights that the notes’ estimated value on the trade date is less than the 100% issue price and that secondary market values may be lower than the purchase price. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, with a disclosed comparable yield of 4.2033% per year, meaning taxable income accrues over the term even though cash is paid only at maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Trigger Performance Leveraged Upside Securities (Trigger PLUS) linked to a weighted basket of international equity indices: EURO STOXX 50® (40%), TOPIX (25%), FTSE® 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The notes are scheduled to price on or about December 16, 2025, with expected maturity on January 4, 2029.

The Trigger PLUS provide at least 142.50% leveraged upside on any positive basket return; if the final basket value is at or below the initial level but at or above the 80% trigger level, investors receive only their $1,000 principal per note. If the basket finishes below the trigger, repayment falls one-for-one with the basket decline and can go to zero, so principal is at risk. The estimated value per note at pricing is disclosed as $890–$950, below the 100% issue price, reflecting fees and structuring costs. The notes pay no interest or dividends and are unsecured obligations subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $3,806,000 of auto-callable notes linked to Amazon, Alphabet Class C, Apple and NVIDIA stock. The notes pay a fixed coupon of $7.459 per $1,000 face amount each month (0.7459% monthly, up to about 8.95% per year) until maturity on November 27, 2028 or earlier automatic call.

The notes are automatically redeemed at par plus the coupon if on any monthly call observation date from November 2026 each stock’s closing price is at or above its initial level ($220.69 for Amazon, $299.65 for Alphabet C, $271.49 for Apple, $178.88 for NVIDIA). If not called, principal repayment at maturity depends on the worst-performing stock: full principal is repaid if each has fallen less than 20%, but losses mirror declines beyond that threshold, up to an 80% loss.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is approximately $943 per $1,000 face amount, below the 100% issue price, reflecting fees, hedging and structuring costs; the underwriting discount is 3.25% of face, leaving 96.75% net proceeds to the issuer.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes pay conditional monthly coupons of $12.292 per $1,000 (1.2292% monthly, up to about 14.75% per year) whenever the index is at least 70% of its initial level of 439.49 on an observation date.

The notes can be automatically called on monthly dates from May 2026 through October 2029 if the index is at or above its initial level, returning the $1,000 face amount plus the accrued coupon. If not called, they mature on December 3, 2029. At maturity, if the final index level is at least 50% of the initial level, investors receive full principal back (plus any final coupon). If it is below 50%, repayment is reduced one-for-one with the index decline, and principal loss can reach 100%.

The underlier is a leveraged futures-based index targeting 40% volatility, with exposure up to 500% and a daily 6% per annum decrement, which steadily drags performance and can magnify losses. The estimated value is approximately $964 per $1,000 of face amount, and payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $322,000 of index-linked notes due December 24, 2026 tied to the Russell 2000® Index and S&P 500® Index. The notes pay no interest and repay at maturity based on the lesser performing index.

If both indices are at or above their initial levels, investors participate 1:1 in the lesser index return, capped at a maximum settlement amount of $1,125 per $1,000 face amount. A 10% downside buffer applies: if the worst index ends between 90% and 100% of its initial level, investors receive the absolute return; below 90%, losses equal the lesser index return plus 10%, so principal can be substantially reduced.

The estimated value on the trade date is approximately $957 per $1,000 face amount, below the issue price, reflecting fees and hedging costs. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes will not be listed, so liquidity may be limited.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Nasdaq-100 Index® and Russell 2000® Index-linked notes with an aggregate face amount of $1,004,000 under its Medium-Term Notes, Series F program.

The notes pay no interest and may be automatically called semi-annually if each index is at or above its initial level, returning principal plus a fixed call premium (from 9.1% up to 22.75% of face amount). If held to maturity and not called, investors receive enhanced upside at a 150% participation rate based on the lesser-performing index, full principal back if that index stays at or above 85% of its initial level, and losses if it falls below that buffer.

The underwriting discount is 3.03% of face amount, so net proceeds to the issuer are 96.97% of face. Key risks highlighted include potential loss of a substantial portion of principal, no interest income, reliance on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., limited or no secondary market, structural complexity, foreign securities exposure through the indices, and uncertain U.S. federal tax treatment.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Nasdaq-100, Russell 2000 and S&P 500 linked notes with an aggregate face amount of $2,815,000 under its Medium-Term Notes, Series F program.

The notes pay a contingent monthly coupon of $7.5 per $1,000 face amount (0.75% monthly, up to 9.00% per year) only if on each observation date all three indices are at or above 60% of their initial levels. If any index is below this coupon trigger on a given date, no coupon is paid for that month.

The notes can be automatically called on any call observation date from May 21, 2026 through October 23, 2028 if each index is at or above its initial level, in which case investors receive $1,000 per note plus the due coupon. If not called, at maturity on November 27, 2028 investors receive $1,000 per note if the worst-performing index is at or above 60% of its initial level; otherwise repayment is reduced one-for-one with the worst index’s loss, and investors can lose their entire principal.

Risk factors highlight that the notes depend on GS Finance Corp. and Goldman Sachs credit, may pay few or no coupons, can be highly sensitive to small index moves around the 60% buffer, may trade below issue price, and have an estimated value below the original issue price of 100% of face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,648,000 of index-linked notes maturing on November 26, 2027. These notes pay no interest and the amount repaid at maturity depends on the worst performer among the Nasdaq-100, S&P 500 and Russell 2000 indices between November 21, 2025 and the determination date.

If all three indices finish at or above their initial levels, holders receive a capped payment of $1,169 per $1,000 face amount (about 16.9% total gain). If any index is below its initial level but all remain at or above 70% of their initial levels, investors simply receive their $1,000 principal. If any index falls below 70% of its initial level, repayment is reduced one‑for‑one beyond a 30% buffer based on the worst index, and investors can lose a substantial portion of principal. The issuer’s estimated value at pricing is about $962 per $1,000, below issue price, reflecting fees and structuring costs.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering market-linked notes due December 29, 2028 tied to the lowest performer of the VanEck Gold Miners ETF and the iShares® Silver Trust. Each $1,000 note pays a contingent quarterly coupon of at least $36.25 (at least 14.50% per annum) only if, on the relevant calculation day, the lowest-performing ETF is at or above 70% of its starting price.

Starting in June 2026, the notes are auto-callable quarterly if the lowest-performing ETF is at or above its starting price, returning the $1,000 face amount plus that quarter’s coupon. If the notes are not called and, on the final calculation day, the lowest-performing ETF is below 70% of its starting level, investors lose principal in full proportion to the decline and can lose their entire investment.

The notes do not participate in any upside of the ETFs and pay no dividends. They are unsecured obligations subject to the credit risk of GS Finance Corp and The Goldman Sachs Group, Inc. The estimated value on the pricing date is expected to be $925–$955 per $1,000, less than the $1,000 offering price.

GS Finance Corp. (GS) is offering $2,000,000 of three-year, index-linked notes tied to the Nasdaq-100, Russell 2000 and S&P 500. Investors receive a contingent monthly coupon of $10.625 per $1,000 face amount (1.0625% monthly, up to 12.75% per year) only when each index closes at or above 70% of its initial level on the observation date.

The notes are automatically called if, on any call observation date, all three indices are at or above their initial levels; in that case, investors receive $1,000 per note plus the due coupon, ending the investment early.

If the notes are not called, repayment at maturity depends solely on the worst-performing index. If its final level is at least 70% of its initial level, investors receive full principal. If it finishes below 70%, principal is reduced in line with that index’s loss, and investors could lose their entire investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and involve complex tax and market risks.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2035 under its Medium-Term Notes, Series N program. The notes are expected to pay interest at a fixed rate of 4.90% per annum from the original issue date, expected to be December 16, 2025, until the expected stated maturity date of November 30, 2035. Interest is expected to be paid annually on each December 16 and on the stated maturity date, with the first interest payment expected on December 16, 2026.

Goldman Sachs may redeem the notes at its option, in whole but not in part, on specified quarterly redemption dates starting on June 16, 2027, at 100% of the outstanding principal amount plus accrued and unpaid interest. The notes will be issued in book-entry form through DTC and are not bank deposits, are not insured by the FDIC or any governmental agency, and have no sinking fund. The distribution is led by Goldman Sachs & Co. LLC and InspereX LLC, with sales subject to various selling restrictions in the EEA, UK, Hong Kong, Singapore, Japan and Switzerland.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering two separate series of buffered index-linked notes with a combined face amount of $5,331,000. One $699,000 note is linked to the EURO STOXX 50® Index and one $4,632,000 note is linked to the S&P 500® Futures Excess Return Index.

The notes pay no interest and mature on November 26, 2030. At maturity, for each $1,000 face amount, holders receive upside exposure if the linked index finishes above its initial level, with a 135% participation rate for the EURO STOXX 50® note and 149% for the S&P 500® futures note. Principal is protected only down to a 75% buffer level on the EURO STOXX 50® note and 80% on the S&P 500® futures note; below those levels, losses match index declines beyond the buffer and can be substantial.

The original issue price is 100% of face amount, with a 4.125% underwriting discount and 95.875% net proceeds to the issuer. The estimated values at pricing are $940 and $929 per $1,000, reflecting upfront costs and model-based pricing. Repayment is subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and the notes are unsecured, not FDIC insured and will not be listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, is offering up to $3,125,000 of structured notes linked to the Class A common stock of The Trade Desk, Inc. The notes mature on November 26, 2027, unless redeemed early by the issuer at 100% of face amount plus any coupon, on monthly payment dates from May 2026 through October 2027.

For each $1,000 note, investors may receive a contingent monthly coupon of $22.50 (2.25%, up to 27% per year) if The Trade Desk’s share price on the observation date is at least 60% of the $39.65 initial price; otherwise the coupon is zero. At maturity, if the final stock price is at least 60% of the initial price, principal is repaid in full plus any final coupon. If the final price is between 50% and 60%, principal is repaid but no final coupon is paid. If the final price is below 50%, repayment is reduced one-for-one with the stock’s loss, and as little as 0% of face value may be returned.

The notes are unsecured obligations of GS Finance Corp., guaranteed by The Goldman Sachs Group, and carry full issuer and guarantor credit risk. The estimated value on the trade date is approximately $971 per $1,000 face amount, below the issue price due to structuring and selling costs.

GS Finance Corp. (guaranteed by The Goldman Sachs Group, Inc.) is offering $1,287,000 of buffered index-linked notes in two tranches tied to major U.S. equity indices. One note references the S&P 500® Index with a $738,000 aggregate face amount, 100% upside participation, a 15% downside buffer (buffer level 85% of the initial level 6,602.99) and a cap that limits the maximum payment to $1,490 per $1,000 at maturity. The second note references the Russell 2000® Index with a $549,000 face amount, 100% upside participation, the same 15% buffer (buffer level 85% of the initial level 2,369.587) and a higher cap of $1,621.5 per $1,000.

The notes pay no interest and return at least principal only if the final index level on the November 21, 2030 determination date is at or above the 85% buffer; below that, losses mirror index declines beyond the 15% buffer, so holders can lose a substantial portion of principal. Maturity is scheduled for November 26, 2030. The initial issue price is 100% of face, with a 4.125% underwriting discount and net proceeds of 95.875% to the issuer. Estimated values are $931 and $923 per $1,000, reflecting structuring and distribution costs, and secondary market liquidity and pricing are not assured. The notes are unsecured obligations of GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., and are intended to be treated as pre-paid derivative contracts for U.S. federal income tax purposes.

The Goldman Sachs Group, Inc. is offering callable fixed rate notes due 2055 as part of its Medium-Term Notes, Series N. The notes are expected to pay fixed interest of 5.45% per annum from the original issue date, expected to be December 16, 2025, to the stated maturity date, expected to be December 16, 2055. Interest is expected to be paid once a year on December 16, with the first payment expected on December 16, 2026.

Goldman Sachs may, at its option, redeem the notes early, in whole but not in part, on each March 16, June 16, September 16 and December 16 on or after December 16, 2030, at 100% of the outstanding principal amount plus accrued and unpaid interest to but excluding the redemption date. The notes will be issued in book-entry form through DTC and will not benefit from any sinking fund. They are unsecured obligations of The Goldman Sachs Group, Inc., are not bank deposits, and are not insured by the FDIC or any governmental agency.

The Goldman Sachs Group, Inc. (GS) is offering callable fixed rate notes due 2030 as part of its Medium-Term Notes, Series N. The notes are expected to pay interest at a fixed rate of 4.20% per annum from the original issue date, expected to be December 16, 2025, to but excluding the stated maturity date, expected to be November 29, 2030, with annual interest payments expected each December 16 and at maturity.

Goldman Sachs may redeem the notes, in whole but not in part, at 100% of principal plus accrued interest on quarterly redemption dates on or after December 16, 2026, after at least five business days’ notice. The notes are unsecured senior debt obligations, issued in book-entry form through DTC, are not bank deposits, and are not insured by the FDIC or any governmental agency. U.S. holders generally will be taxed on interest as ordinary income, and the notes are subject to FATCA withholding rules.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $13,495,000 of medium‑term notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes offer 100% repayment of face amount at maturity (subject to issuer and guarantor credit) and a 100% upside participation rate if the index ends above its initial level.

The notes may be automatically called each year if the index closes at or above rising call levels, paying $1,000 plus a call premium (from 10.35% on the first call date up to 62.10% on the last). They pay no periodic interest, and index returns are reduced by an ongoing 0.65% per annum deduction and by the index’s excess‑return structure over the federal funds rate.

The original issue price is 100% of face amount, including a 4.625% underwriting discount, while Goldman’s estimated value on the trade date is $889 per $1,000 note. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, requiring accrual of ordinary income over their term based on a comparable yield.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,050,000 of structured notes linked to the common stock of Microsoft and the Class C stock of Alphabet. The notes pay no interest and return at maturity depends solely on the lesser performing stock between trade date and the November 21, 2028 determination date.

If both stocks rise, investors receive principal plus 2.4805 times the lower stock’s percentage gain, up to maturity, using initial prices of $487.12 for Microsoft and $292.99 for Alphabet set on November 19, 2025. If either stock’s return is negative, the note’s return is negative on a one‑for‑one basis, and investors can lose up to their entire principal.

The estimated value at pricing is about $974 per $1,000 face amount, below the 100% issue price, reflecting an underwriting discount of 1% of face plus up to 0.8% structuring fee. Payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering $637,000 aggregate face amount of auto-callable notes linked to Astera Labs and AMD common stock. The notes pay no interest and mature on November 29, 2030, but can be automatically called starting November 23, 2026 if both stocks close at or above their initial prices of $141.80 (ALAB) and $203.78 (AMD). In that case, investors receive $1,000 plus a call premium per note, with scheduled premiums from 12.25% up to 49%.

If the notes are never called and on the final determination date both stocks are above their initial prices, the maturity payment equals $1,000 plus 100% of the gain of the lesser-performing stock; otherwise investors receive only the $1,000 face amount. The estimated value is about $927 per $1,000 at pricing, versus a 100% issue price, reflecting structuring and distribution costs including a 3.625% underwriting discount (net proceeds 96.375%). Payments depend on the credit of GS Finance Corp and the guarantor, and the notes may have limited or illiquid secondary trading and values sensitive to stock prices, volatility, interest rates and credit spreads.

GS Finance Corp, fully guaranteed by The Goldman Sachs Group, Inc., is offering $30,651,000 of auto-callable notes linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes have a $1,000 face amount, do not pay interest, and can be automatically called annually if the index is at or above 101% of its initial level, paying back $1,000 plus a call premium that steps up from 7.25% to 43.50%.

If the notes are never called, at maturity investors receive $1,000 plus 100% of any positive index return; if the index is flat or down, they receive only the face amount, so principal is repaid but there is no downside participation in the index. The index itself is a rules-based, volatility- and momentum-controlled portfolio with a 0.65% per year deduction and frequent allocations to cash-like positions, which can limit upside.

The original issue price is 100% of face, but the issuer’s estimated value is $893 per $1,000, reflecting underwriting discounts and structuring costs. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, meaning taxable ordinary income accrues over time based on a 4.63% comparable yield, even though cash is typically only paid on call or at maturity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering callable S&P 500® Index-linked notes that do not pay interest and are scheduled to mature in late 2031 unless redeemed earlier. The notes are issued in $1,000 denominations and return at least the face amount at maturity if held to the stated maturity date.

The payoff is tied to the S&P 500® Index: if the index is higher on the determination date than on the trade date, holders receive $1,000 plus 100% of the index gain; if the index is flat or lower, they receive $1,000. The issuer may redeem the notes in whole on monthly call dates starting in 2026, paying $1,000 plus an increasing call premium. The estimated value at pricing is disclosed as between $850 and $890 per $1,000 face amount, and payments are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp. is offering auto-callable structured notes linked to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER, maturing on November 29, 2030. The notes pay quarterly contingent coupons of $27 per $1,000 (2.7% per quarter, up to 10.8% per year) whenever the index is at or above 60% of its initial level of 439.49 on an observation date.

Starting in November 2026, the notes are automatically called if the index is at or above the initial level on an observation date, returning the $1,000 face amount plus the due coupon. If held to maturity and not called, principal is protected only down to the 50% trigger buffer; below that, losses match the index decline and you could lose your entire investment.

The underlier uses leverage of up to 500% and a daily 6% per annum decrement, which can magnify losses and drag on performance. The aggregate face amount at issuance is $174,000, the issue price is 100% of face, the underwriting discount is 4.25%, and the estimated value is about $911 per $1,000. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $531,000 of index-linked notes due November 27, 2028 tied to the Russell 2000® Index and the S&P 500® Index. The notes pay no interest and repay a variable amount at maturity based on the lesser-performing index from the trade date to the determination date.

Each $1,000 note has a 15% downside buffer: as long as both indexes finish at or above 85% of their initial levels, holders receive at least their principal, and if either index is modestly down, they gain the absolute value of the lesser loss. Upside is fully participated but capped by a maximum settlement amount of $1,540 per $1,000, which corresponds to a 54% maximum gain.

If the lesser-performing index falls more than 15% from its initial level, principal is reduced one-for-one beyond that buffer, so investors can lose a substantial portion of their investment. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and their estimated value at pricing is approximately $952 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes with an aggregate face amount of $402,000 under its Medium-Term Notes, Series F program.

The notes return the face amount at maturity if the S&P 500® final level is equal to or below the initial level of 6,602.99. If the final level is higher, the payoff equals the index return on a 1:1 basis but is capped at a maximum settlement amount of $1,142.50 per $1,000 face amount, limiting upside to 14.25%, and the notes pay no periodic interest.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., and may trade below face value before maturity. For U.S. tax purposes they are treated as contingent payment debt instruments; holders must accrue ordinary income over the term based on a comparable yield of 4.1217% per annum and a projected maturity payment of $1,120.30 per $1,000 face amount.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $4,018,000 of leveraged callable notes linked to the S&P 500® Futures Excess Return Index, maturing on November 26, 2031. The notes pay no interest and return at least the $1,000 face amount at maturity.

If the index rises above the initial level of 539.99, investors receive $1,000 plus 1.25 times the positive index return; if the index is flat or down, they receive $1,000. Goldman may redeem the notes monthly starting in 2026 at 100% of face value plus a fixed call premium that steps up from 12% to 71% over the call schedule.

The original issue price is 100% of face amount, with a 4.125% underwriting discount and net proceeds of 95.875% to the issuer. The estimated value at pricing is approximately $917 per $1,000, reflecting fees, hedging and model assumptions. Payments depend on the index and the credit of GS Finance Corp. and its guarantor; the notes are unsecured, not insured, and will not be listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $2,383,000 of leveraged buffered index-linked notes in two tranches tied separately to the S&P 500 Index and the Russell 2000 Index. The S&P 500 tranche has a $2,113,000 face amount and the Russell 2000 tranche has $270,000 face amount, each in $1,000 denominations and maturing on May 25, 2028.

The notes pay no interest. At maturity, investors get $1,000 plus or minus an amount based on index performance from the November 21, 2025 trade date, with 200% upside participation but capped at a maximum of $1,204 per $1,000 for the S&P 500 notes and $1,265 for the Russell 2000 notes. A 10% downside buffer (buffer level 90% of the initial index level) partially protects principal, but if the final index level falls below this buffer, principal loss is linear beyond that point and can be substantial.

The estimated value at issuance is $952 per $1,000 for the S&P 500 notes and $949 for the Russell 2000 notes, below the 100% issue price due to fees and structuring costs. Repayment depends on the unsecured credit of GS Finance Corp. and its guarantor, and there may be limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering index-linked notes with an aggregate face amount of $504,000. The notes pay no interest and return at least the face amount at the stated maturity date of November 27, 2028, subject to the issuer’s and guarantor’s credit risk.

The payoff depends on the Goldman Sachs Momentum Builder ^® Focus ER Index. If the final index level exceeds the initial level of 109.44, investors receive $1,000 plus $1,000 × the 267.5% upside participation rate × index return; otherwise they receive $1,000 per note. The index is a daily rebalanced, multi-asset strategy that targets 5% volatility and is calculated on an excess return basis over the federal funds rate, with an additional 0.65% per annum deduction that can materially reduce performance, especially when the index allocates heavily to cash-like positions.

The original issue price is 100% of face amount, with a 3.18% underwriting discount and 96.82% net proceeds to the issuer. For U.S. tax purposes, the notes are treated as contingent payment debt instruments, with a comparable yield of 4.12% per annum and a projected maturity payment of $1,132.31 per $1,000 note used to compute taxable income over the term.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,305,000 of callable buffered notes linked to the S&P 500® Futures Excess Return Index. The notes pay no interest and are scheduled to mature on November 26, 2030, unless redeemed early at 100% of face amount plus a call premium on specified monthly call payment dates.

At maturity, if not called, each $1,000 note pays based on index performance from the November 21, 2025 trade date to the November 12, 2030 determination date. Returns are 1.53x the positive index return when the final level is at or above the initial 539.99 level; if the final level is between 80% and 100% of the initial level, investors receive the absolute value of the index return. Below 80% of the initial level, principal is reduced beyond a 20% buffer and losses can reach 80% of face amount.

The estimated value is approximately $926 per $1,000 face amount, below the 100% original issue price. The underwriting discount is 4.125% of face amount, with net proceeds of 95.875% to the issuer. Payments depend on the credit of GS Finance Corp. and the guarantor, and the notes will not be listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering an autocallable structured note linked to Arm Holdings ADS, Vistra Corp. and Dow Inc. stock. The note has an aggregate face amount of $667,000 and matures on November 29, 2028, unless automatically called starting in November 2026 if each stock is at or above its initial price.

Investors may receive a conditional monthly coupon of $12.084 per $1,000 face amount (about 14.5% per year) only when all three stocks are at or above 60% of their initial prices. Principal repayment depends on a trigger and buffer structure based on the worst-performing stock, and investors can lose a substantial portion of principal if a trigger occurs and that stock finishes below 80% of its initial price. The estimated value at pricing is about $914 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and Goldman Sachs.