[FWP] Goldman Sachs Group Inc. Free Writing Prospectus

Rhea-AI Filing Summary

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., plans to issue Market-Linked Securities titled “Autocallable with Contingent Coupon and Contingent Downside Principal-at-Risk Securities” linked to the common stock of NVIDIA Corporation (NVDA).

Key terms:

• Pricing / issue / maturity: expected 7 Jul 2025 / 10 Jul 2025 / 12 Jul 2028
• Face amount: $1,000 per note; CUSIP 40058JKY0
• Contingent coupon: ≥ $33.625 quarterly (≥ 13.45% p.a.) paid only if NVDA closes ≥ 60 % of its starting price on the relevant calculation day
• Automatic call: quarterly from Oct 2025; triggered when NVDA closes ≥ starting price. Holder then receives face value plus final coupon
• Downside protection: only to 60 % of starting price. If final price < 60 %, repayment = $1,000 × performance factor, exposing investor to losses > 40 % and up to 100 %
• Estimated value on pricing date: $925-$955 (92.5-95.5 % of face)
• Underwriting discount: up to 2.325 %; WFS may grant a 1.75 % concession to Wells Fargo Advisors and up to 0.075 % distribution fee

Risk highlights: investors bear full credit risk of both GS Finance Corp. and Goldman Sachs; potential total loss of principal; uncertain tax treatment; limited secondary market liquidity. The product offers no participation in NVDA upside beyond coupon payments.

The securities form part of GS’s Medium-Term Notes, Series F program. Full details, including extensive risk factors, appear in the preliminary pricing supplement dated 27 Jun 2025, WFS product supplement no. 5 and related prospectus documents on the SEC’s EDGAR system.

Positive

• High contingent coupon rate of at least 13.45 % per annum provides potentially attractive income.
• Automatic call feature could return principal early with final coupon if NVDA trades at or above starting price.

Negative

• Principal-at-risk structure exposes investors to losses greater than 40 % and up to 100 % if NVDA ends below the 60 % barrier.
• Estimated value (92.5-95.5 % of face) underscores an initial mark-to-market discount to buyers.
• Credit risk of GS Finance Corp. and Goldman Sachs applies; payments depend on issuer and guarantor solvency.
• No upside participation; investors cannot benefit from NVDA price appreciation beyond receiving scheduled coupons.

Insights

Structured Products Analyst

TL;DR Structured note offers ≥13.45 % coupon with 60 % barrier; high income balanced by material principal risk and call feature.

The note provides attractive headline income via a quarterly contingent coupon set at a minimum 13.45 % annual rate, reflecting elevated implied volatility in NVDA. Automatic call from October 2025 limits tenor if NVDA trades at or above the starting price, capping investor upside but reducing issuer exposure. Downside protection is thin; once NVDA falls below 60 % at maturity, losses become linear, potentially wiping out the entire $1,000 principal. Estimated value of $925-$955 confirms a 4.5-7.5 % issuer/ distributor spread plus hedging costs. For Goldman Sachs, the deal adds fee income and balance-sheet funding at an effective rate comparable to senior unsecured debt; impact on overall earnings is immaterial. For investors, risk-reward is appropriate only for those seeking high current income and willing to accept equity-linked downside and credit risk.

Credit & Risk Analyst

TL;DR Note shifts NVDA volatility and GS credit risk to investors; no share ownership benefits.

Investors face two independent risk vectors: (1) market risk—if NVDA closes < 60 % on the final date, principal loss is proportionate; and (2) credit risk—payment depends on GS Finance Corp. and Goldman Sachs solvency. The contingent coupon does not track interim NVDA performance; missing a single threshold results in zero coupon for that quarter. The product’s complexity and limited secondary liquidity could result in sizable mark-to-market discounts before maturity. Tax treatment remains uncertain, adding an administrative burden. From a systemic standpoint, such issuance is routine for Goldman Sachs and does not materially alter its risk profile.

Free Writing Prospectus pursuant to Rule 433 dated June 27, 2025

Registration Statement No. 333-284538

Market Linked Securities — Autocallable with Contingent Coupon and Contingent Downside Principal at Risk Securities Linked to the Common Stock of NVIDIA Corporation due July 12, 2028

Summary of Terms
Company (Issuer) and Guarantor:	GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor)		Hypothetical Payout Profile (Maturity Payment Amount) If the securities are not automatically called prior to stated maturity and the ending price is less than the downside threshold price, you will lose more than 40%, and possibly all, of the face amount of your securities at stated maturity. Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of the underlying stock, but you will have full downside exposure to the underlying stock if the ending price is less than the downside threshold price. You should read the accompanying preliminary pricing supplement dated June 27, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The securities are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following: ●Preliminary pricing supplement dated June 27, 2025 ●WFS product supplement no. 5 dated February 14, 2025 ●Prospectus supplement dated February 14, 2025 ●Prospectus dated February 14, 2025
Market Measure (the “underlying stock”):	the common stock of NVIDIA Corporation. (current Bloomberg ticker: “NVDA UW”)
Pricing date:	expected to be July 7, 2025
Issue date:	expected to be July 10, 2025
Final calculation day:	expected to be July 7, 2028
Stated maturity date:	expected to be July 12, 2028
Starting price:	the stock closing price of the underlying stock on the pricing date
Ending price:	the stock closing price of the underlying stock on the final calculation day
Performance factor:	the ending price divided by the starting price (expressed as a percentage)
Automatic call:	If the stock closing price of the underlying stock on any call date is greater than or equal to the starting price, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus a final contingent coupon payment. The securities will not be subject to automatic call until the October 2025 calculation day.
Downside threshold price:	60% of the starting price
Contingent coupon payment:	Subject to the automatic call, on each contingent coupon payment date, for each $1,000 of the outstanding face amount, you will receive a contingent coupon payment equal to at least $33.625 (equivalent to a contingent coupon rate of at least 13.45% per annum) (set on the pricing date) if, and only if, the stock closing price of the underlying stock on the related calculation day is greater than or equal to the coupon threshold price.
Coupon threshold price:	60% of the starting price
Call dates:	each calculation day commencing in October 2025 and ending in April 2028
Call settlement date:	the contingent coupon payment date immediately following the applicable call date
Calculation days:	quarterly, on the 7th day of each January, April, July and October, commencing in October 2025 and ending in April 2028, and the final calculation day
Contingent coupon payment dates:	quarterly, on the third business day following each calculation day; provided that the contingent coupon payment date with respect to the final calculation day will be the stated maturity date
Maturity payment amount (for each $1,000 face amount of your securities):	•if the ending price is greater than or equal to the downside threshold price: $1,000; or •if the ending price is less than the downside threshold price: $1,000 × performance factor		The estimated value of your securities at the time the terms of your securities are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your securities.
Underwriting discount:	up to 2.325% of the face amount*; Wells Fargo Securities, LLC (“WFS”) is the agent for the distribution of the securities. WFS will receive the underwriting discount of up to 2.325% of the aggregate face amount of the securities sold. The agent may resell the securities to Wells Fargo Advisors (“WFA”) at the original issue price of the securities less a concession of 1.75% of the aggregate face amount of the securities. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a security WFA sells.
CUSIP:	40058JKY0
Tax consequences:	See “Supplemental Discussion of U.S. Federal Income Tax Considerations” in the accompanying preliminary pricing supplement
* In addition, in respect of certain securities sold in this offering, GS&Co. may pay a fee of up to 0.3% of the aggregate face amount of the securities sold to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.

The securities have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. See “Risk Factors” in this term sheet and in the accompanying preliminary pricing supplement. This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock, the terms of the securities and certain risks.

About Your Securities

GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement, and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, WFS product supplement no. 5 and preliminary pricing supplement if you so request by calling (212) 357-4612.

Risk Factors

An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying WFS product supplement no. 5, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of risk factors discussed in the accompanying preliminary pricing supplement (but not those discussed in the accompanying WFS product supplement no. 5, accompanying prospectus supplement and accompanying prospectus). In addition to the below, you should read in full “Selected Risk Considerations” in the accompanying preliminary pricing supplement, “Risk Factors” in the accompanying WFS product supplement no. 5, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus.

The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:

Risks Related to Structure, Valuation and Secondary Market Sales ▪The Estimated Value of Your Securities At the Time the Terms of Your Securities Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Offering Price Of Your Securities ▪The Securities Are Subject to the Credit Risk of the Issuer and the Guarantor ▪You May Lose Your Entire Investment in the Securities ▪The Return on Your Securities May Change Significantly Despite Only a Small Change in the Price of the Underlying Stock ▪You May Not Receive a Contingent Coupon on Any Contingent Coupon Payment Date ▪A Higher Contingent Coupon, a Lower Coupon Threshold Price and/or a Lower Downside Threshold Price May Reflect Greater Expected Volatility of the Underlying Stock, and Greater Expected Volatility Generally Indicates An Increased Risk of Declines in the Price of the Underlying Stock and, Potentially, a Significant Loss at Maturity ▪Your Securities Are Subject to Automatic Redemption ▪The Contingent Coupon Does Not Reflect the Actual Performance of the Underlying Stock from the Pricing Date to Any Calculation Day or from Calculation Day to Calculation Day ▪The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors ▪We Will Not Hold Shares of the Underlying Stock for Your Benefit ▪You Have No Shareholder Rights or Rights to Receive the Underlying Stock Risks Related to Tax ▪Certain Considerations for Insurance Companies and Employee Benefit Plans ▪The Tax Consequences of an Investment in Your Securities Are Uncertain ▪Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Securities, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Securities to Provide Information to Tax Authorities

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock, the terms of the securities and certain risks.

FAQ

What is the contingent coupon rate on Goldman Sachs (GS) NVDA-linked notes?

The rate is at least 13.45 % per annum, paid quarterly if NVDA closes ≥ 60 % of its starting price on the relevant calculation day.

When can the GS autocallable notes be automatically redeemed?

On any quarterly call date beginning October 2025 if NVDA’s closing price is ≥ the starting price; investors then receive face value plus the final coupon.

What downside protection is provided on these NVDA-linked securities?

Protection exists only down to the 60 % downside threshold. If NVDA finishes below that level at maturity, repayment equals $1,000 × performance factor, causing potential total loss.

How does the estimated value compare with the issue price?

Goldman Sachs estimates the notes’ value at $925-$955 per $1,000, 4.5-7.5 % below face, reflecting dealer margin and hedging costs.

Who bears credit risk for the securities?

Investors take on the full credit risk of both GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor).