[FWP] Goldman Sachs Group Inc. Free Writing Prospectus

Rhea-AI Filing Summary

Goldman Sachs has filed a Free Writing Prospectus for Buffered Performance Leveraged Upside Securities (PLUS) linked to the S&P 500 Index, due February 3, 2028. The securities offer 200% leveraged upside potential with a maximum payment cap of 121.40% of principal.

Key features include:

• Principal protection against first 10% of index decline (buffer)
• No periodic interest payments
• Minimum payment of $100 per $1,000 principal (90% maximum loss)
• Estimated value range: $900-$960, below issue price

The PLUS are unsecured notes issued by GS Finance Corp and guaranteed by Goldman Sachs Group. Investment risks include credit risk, limited upside potential due to the cap, potential loss of principal beyond buffer, and lack of dividend participation. The securities will price around July 17, 2025, with settlement expected July 22, 2025.

Positive

• Offers 200% leverage on upside S&P 500 performance, providing enhanced returns in bullish scenarios
• Includes 10% downside buffer protection, limiting potential losses for initial index declines
• Maximum payment at maturity of at least 121.40% provides attractive upside potential
• Full principal protection if index declines by 10% or less from initial value

Negative

• Maximum return is capped at 21.40%, limiting profit potential in strong bull markets
• Potential for significant losses of up to 90% of principal in severe market downturns
• No dividend payments or interest income throughout the investment period
• Estimated value ($900-$960) is less than the issue price, indicating significant embedded costs
• Credit risk exposure to GS Finance Corp and Goldman Sachs Group as guarantor

Free Writing Prospectus pursuant to Rule 433 dated June 26, 2025 / Registration Statement No. 333-284538 STRUCTURED INVESTMENTS Opportunities in U.S. Equities GS Finance Corp.

Buffered PLUS Based on the Value of the S&P 500® Index due February 3, 2028

Principal at Risk Securities

The Buffered Performance Leveraged Upside SecuritiesSM (PLUS) do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. You should read the accompanying preliminary pricing supplement dated June 26, 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.			Buffered PLUS Payoff Diagram*
KEY TERMS
Company (Issuer) / Guarantor:	GS Finance Corp. / The Goldman Sachs Group, Inc.
Underlying index:	S&P 500® Index (current Bloomberg symbol: “SPX Index”)
Pricing date:	expected to price on or about July 17, 2025
Original issue date:	expected to be July 22, 2025
Valuation date:	expected to be January 31, 2028
Stated maturity date:	expected to be February 3, 2028
Payment at maturity (for each $1,000 stated principal amount of your PLUS):	•if the final index value is greater than the initial index value, $1,000 + the leveraged upside payment, subject to the maximum payment at maturity; •if the final index value is equal to or less than the initial index value, but has decreased from the initial index value by an amount less than or equal to the buffer amount, $1,000; or •if the final index value is less than the initial index value and has decreased from the initial index value by an amount greater than the buffer amount, (i) the product of $1,000 × the index performance factor plus (ii) $100.00
			Hypothetical Final Index Value (as Percentage of Initial Index Value)		Hypothetical Payment at Maturity (as Percentage of Stated Principal Amount)
			150.000%		121.400%
			135.000%		121.400%
			130.000%		121.400%
Leveraged upside payment:	$1,000 × leverage factor × index percent increase		110.700%		121.400%
Leverage factor:	200%		106.000%		112.000%
Maximum payment at maturity (set on the pricing date):	at least $1,214.00 per PLUS (at least 121.40% of the stated principal amount)		103.000%		106.000%
			100.000%		100.000%
Minimum payment at maturity:	$100.00 per PLUS (10.00% of the stated principal amount)		97.000%		100.000%
Index percent increase:	(final index value - initial index value) / initial index value		93.000%		100.000%
Initial index value:	the index closing value on the pricing date		90.000%		100.000%
Final index value:	the index closing value on the valuation date		80.000%		90.000%
Buffer amount:	10.00%		75.000%		85.000%
Index performance factor:	final index value / initial index value		55.000%		65.000%
CUSIP / ISIN:	40058JH32 / US40058JH329		25.000%		35.000%
Estimated value range:	$900 to $960 (which is less than the original issue price; see the accompanying preliminary pricing supplement)		0.000%		10.000%
			*assumes a maximum payment at maturity of $1,214.00 per PLUS

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 PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying index (including historical index closing values), the terms of the PLUS and certain risks.

About Your PLUS

The amount that you will be paid on your PLUS on the stated maturity date is based on the performance of the S&P 500® Index as measured from the pricing date to and including the valuation date.

If the final index value is greater than the initial index value, the return on your PLUS will be positive and equal to the product of the leverage factor multiplied by the index percent increase, subject to the maximum payment at maturity.

If the final index value is equal to the initial index value or is less than the initial index value but has not decreased by more than the buffer amount, you will receive the principal amount of your PLUS. However, if the final index value has decreased from the initial index value by more than the buffer amount, you will lose 1% for every 1% decline beyond the buffer amount, subject to the minimum payment at maturity.

The PLUS are for investors who seek the potential to earn 200% of any positive return of the underlying index, subject to the maximum payment at maturity, are willing to forgo interest payments and are willing to risk losing up to 90.00% of their investment if the final index value has declined from the initial index value by more than the buffer amount.

GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, underlier supplement no. 45, general terms supplement no. 17,741 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, underlier supplement no. 45, general terms supplement no. 17,741 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, underlier supplement no. 45, general terms supplement no. 17,741 and preliminary pricing supplement if you so request by calling (212) 357-4612.

The PLUS are notes that 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 26, 2025

•General terms supplement no. 17,741 dated February 14, 2025

•Underlier supplement no. 45 dated June 23, 2025

•Prospectus supplement dated February 14, 2025

•Prospectus dated February 14, 2025

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 PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying index (including historical index closing values), the terms of the PLUS and certain risks.

RISK FACTORS

An investment in the PLUS is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,741, the accompanying underlier supplement no. 45, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full “Risk Factors” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 17,741, “Additional Risk Factors Specific to the Securities” in the accompanying underlier supplement no. 45, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your PLUS are a riskier investment than ordinary debt securities. Also, your PLUS are not equivalent to investing directly in the underlying index stocks, i.e., the stocks comprising the underlying index to which your PLUS are linked. You should carefully consider whether the offered PLUS are appropriate given your particular circumstances.

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

Risks Related to Structure, Valuation and Secondary Market Sales

▪Your PLUS Do Not Bear Interest

▪You May Lose a Substantial Portion of Your Investment in the PLUS

▪The PLUS Are Subject to the Credit Risk of the Issuer and the Guarantor

▪The Potential for the Value of Your PLUS to Increase Will Be Limited

▪The Estimated Value of Your PLUS At the Time the Terms of Your PLUS Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your PLUS

▪The Amount Payable on Your PLUS Is Not Linked to the Value of the Underlying Index at Any Time Other than the Valuation Date

▪The Market Value of Your PLUS May Be Influenced By Many Unpredictable Factors

▪Investing in the PLUS Is Not Equivalent to Investing in the Underlying Index; You Have No Shareholder Rights or Rights to Receive Any Underlying Index Stock

▪We May Sell an Additional Aggregate Stated Principal Amount of the PLUS at a Different Issue Price

▪If You Purchase Your PLUS at a Premium to Stated Principal Amount, the Return on Your Investment Will Be Lower Than the Return on PLUS Purchased at Stated Principal Amount and the Impact of Certain Key Terms of the PLUS Will Be Negatively Affected

Risks Related to Conflicts of Interest

▪Other Investors May Not Have the Same Interests as You

Risks Related to Tax

▪Your PLUS May Be Subject to an Adverse Change in Tax Treatment in the Future

▪Non-United States Holders Should Consider the Withholding Tax Implications of Owning the PLUS

▪Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your PLUS, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the PLUS to Provide Information to Tax Authorities

The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,741:

Risks Related to Structure, Valuation and Secondary Market Sales

▪If the Value of an Underlier Changes, the Market Value of Your Notes May Not Change in the Same Manner

▪The Return on Your Notes Will Not Reflect Any Dividends Paid on Any Underlier, or Any Underlier Stock, as Applicable

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 PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying index (including historical index closing values), the terms of the PLUS and certain risks.

▪Past Performance is No Guide to Future Performance

▪Your Notes May Not Have an Active Trading Market

▪The Calculation Agent Will Have the Authority to Make Determinations That Could Affect the Market Value of Your Notes, When Your Notes Mature and the Amount, If Any, Payable on Your Notes

▪The Calculation Agent Can Postpone the Determination Date, Averaging Date, Call Observation Date or Coupon Observation Date If a Market Disruption Event or Non-Trading Day Occurs or Is Continuing

Risks Related to Conflicts of Interest

▪Hedging Activities by Goldman Sachs or Our Distributors May Negatively Impact Investors in the Notes and Cause Our Interests and Those of Our Clients and Counterparties to be Contrary to Those of Investors in the Notes

▪Goldman Sachs’ Trading and Investment Activities for its Own Account or for its Clients Could Negatively Impact Investors in the Notes

▪Goldman Sachs’ Market-Making Activities Could Negatively Impact Investors in the Notes

▪You Should Expect That Goldman Sachs Personnel Will Take Research Positions, or Otherwise Make Recommendations, Provide Investment Advice or Market Color or Encourage Trading Strategies That Might Negatively Impact Investors in the Notes

▪Goldman Sachs Regularly Provides Services to, or Otherwise Has Business Relationships with, a Broad Client Base, Which May Include the Sponsors of the Underlier or Underliers or Constituent Indices, As Applicable, the Investment Advisors of the Underlier or Underliers, As Applicable, or the Issuers of the Underlier or the Underlier Stocks or Other Entities That Are Involved in the Transaction

▪The Offering of the Notes May Reduce an Existing Exposure of Goldman Sachs or Facilitate a Transaction or Position That Serves the Objectives of Goldman Sachs or Other Parties

Risks Related to Tax

▪Certain Considerations for Insurance Companies and Employee Benefit Plans

The following risk factors are discussed in greater detail in the accompanying underlier supplement no. 45:

Additional Risks Relating to Securities Linked to Underliers that are Equity Indices

▪If Your Securities Are Linked to an Equity Index, the Policies of the Applicable Underlier Sponsor and Changes that Affect Such Underlier, or the Constituent Indices or Underlier Stocks Comprising Such Underlier, Could Affect the Amount Payable on Your Securities and Their Market Value

▪If Your Securities Are Linked to an Equity Index, Except to the Extent The Goldman Sachs Group, Inc. Is One of the Companies Whose Common Stock Comprises the Applicable Underlier, and Except to the Extent That We or Our Affiliates May Currently or in the Future Own Securities of, or Engage in Business With, the Applicable Underlier Sponsor or the Issuers of the Underlier Stocks, There Is No Affiliation Between the Issuers of the Underlier Stocks or Such Underlier Sponsor and Us

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

▪The Return on Indexed Notes May Be Below the Return on Similar Securities

▪The Issuer of a Security or Currency That Serves as an Index Could Take Actions That May Adversely Affect an Indexed Note

▪An Indexed Note May Be Linked to a Volatile Index, Which May Adversely Affect Your Investment

▪An Index to Which a Note Is Linked Could Be Changed or Become Unavailable

▪We May Engage in Hedging Activities that Could Adversely Affect an Indexed Note

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 PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying index (including historical index closing values), the terms of the PLUS and certain risks.

▪Information About an Index or Indices May Not Be Indicative of Future Performance

▪We May Have Conflicts of Interest Regarding an Indexed Note

The following risk factors are discussed in greater detail in the accompanying prospectus:

Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements

▪The application of regulatory resolution strategies could increase the risk of loss for holders of our securities in the event of the resolution of Group Inc.

▪The application of Group Inc.’s proposed resolution strategy could result in greater losses for Group Inc.’s security holders

For details about the license agreement between the underlying index publisher and the issuer, see “The Underliers – S&P 500® Index” on page S-127 of the accompanying underlier supplement no. 45.

TAX CONSIDERATIONS

You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Supplemental Discussion of U.S. Federal Income Tax Consequences” concerning the U.S. federal income tax consequences of an investment in the PLUS, and you should consult your tax advisor.

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 PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying index (including historical index closing values), the terms of the PLUS and certain risks.

FAQ

What is the maximum return potential for GS's Buffered PLUS linked to S&P 500?

The maximum payment at maturity for GS's Buffered PLUS is at least $1,214.00 per PLUS (at least 121.40% of the stated principal amount). The securities offer 200% leverage on any positive return of the S&P 500 Index, subject to this maximum payment cap.

What is the downside protection on GS's Buffered PLUS (maturity 2028)?

The Buffered PLUS offers a 10% buffer against losses. Investors will receive their full principal back if the S&P 500 Index declines by 10% or less. However, if the index declines by more than 10%, investors will lose 1% for every 1% decline beyond the buffer amount, with a minimum payment of $100.00 per PLUS (10% of principal).

When will GS's new Buffered PLUS (CUSIP: 40058JH32) be issued?

The Buffered PLUS are expected to price on or about July 17, 2025, with an original issue date of July 22, 2025. The stated maturity date is expected to be February 3, 2028, with a valuation date of January 31, 2028.

What is the estimated value range for GS's new Buffered PLUS offering?

The estimated value range for the Buffered PLUS is $900 to $960, which is less than the original issue price. This indicates that investors are paying a premium over the estimated value of the securities.

Do GS's Buffered PLUS (maturity 2028) pay any interest?

No, the Buffered PLUS do not bear interest. They are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. that offer potential returns based solely on the performance of the S&P 500 Index.