Goldman Sachs Group Inc SEC Filings

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $2.557 million of Autocallable Equity-Linked Notes (Series F) tied equally to Micron Technology (MU), Netflix (NFLX) and Palo Alto Networks (PANW). The notes pay no periodic interest and mature on 23 June 2028, unless automatically called as early as 18 June 2026.

Automatic call feature: On any semi-annual call observation date, if the closing price of each index stock is at or above the applicable step-down call level, the notes are redeemed for 100% principal plus a call premium that increases over time (see page S-4). If not called, investors face three payoff scenarios at maturity: (1) all three final prices ≥80% of initial price ➔ $2,179 per $1,000 note (117.9% maturity premium); (2) all ≥70% but any <80% ➔ return of principal; (3) any final price <70% ➔ principal reduced one-for-one with the worst-performing stock, exposing investors to losses below the 70% trigger buffer.

Pricing economics & risks: Issue price is 100%, but Goldman’s estimated value at trade date is ~$970 per $1,000 note, reflecting dealer margin and structuring fee of up to 0.8%. Before 18 Sept 2025, secondary market quotations (if any) will include an additional amount that amortises to zero; thereafter pricing will approximate the dealer’s model value. The notes carry credit risk of GS Finance Corp./Goldman Sachs, lack FDIC insurance, and may be illiquid.

Goldman Sachs Group has filed a Free Writing Prospectus for Market Linked Securities - Autocallable with Contingent Coupon and Contingent Downside Principal at Risk Securities linked to Robinhood Markets Class A Common Stock, due June 29, 2028.

Key features include:

• Contingent coupon payments of at least 23.50% per annum ($58.75 per $1,000) if stock price meets threshold
• Automatic call feature triggers if stock price equals/exceeds starting price on call dates
• Downside threshold price set at 50% of starting price
• Estimated security value between $925-$955 per $1,000 face amount

Significant risks include potential loss of entire investment, credit risk of issuer/guarantor, and limited participation in stock appreciation. Securities will be issued by GS Finance Corp and guaranteed by Goldman Sachs Group, with Wells Fargo Securities as distribution agent receiving up to 2.325% underwriting discount.

Goldman Sachs Finance Corp has filed a prospectus supplement for Autocallable EURO STOXX 50® Index-Linked Notes due 2030, guaranteed by The Goldman Sachs Group. The notes feature:

• Automatic Call Feature: Notes will be automatically called if the EURO STOXX 50 Index closes at or above initial level on June 30, 2027, paying $1,168.50 per $1,000 face amount
• Maturity Payment Structure: If not called early, payment at maturity will be $1,000 plus 100% participation in any index gains; principal protected if index declines
• Key Dates: Trade date June 30, 2025; Maturity date July 5, 2030
• Pricing: Original issue price 100% with 2.2% underwriting discount (including 2% selling concession and 0.2% structuring fee)
• Estimated Value: $885-$915 per $1,000 face amount, below issue price, reflecting Goldman's pricing models and credit spreads

Notes are not FDIC insured and subject to credit risk of GS Finance Corp and Goldman Sachs Group as guarantor.

Goldman Sachs Finance Corp announces Autocallable Contingent Coupon Equity-Linked Notes due 2028, guaranteed by Goldman Sachs Group. The notes are linked to NVIDIA stock performance with a 3-year term. Key features include monthly contingent coupons of $9.25 (0.925% monthly/11.10% p.a.) if NVIDIA closes at/above 50% of initial level, automatic call feature if NVIDIA closes at/above initial level, and principal protection at 50% buffer level. If NVIDIA falls below buffer at maturity, investors face 1:1 losses. Notes priced at $1,000 face value with estimated value of $925-$955. Trading starts June 26, 2025, with maturity on June 29, 2028. Notes carry credit risk of both GS Finance Corp and Goldman Sachs Group.

Goldman Sachs Finance Corp has filed a prospectus supplement for Autocallable S&P 500 Index-Linked Notes due 2030, guaranteed by The Goldman Sachs Group. Key features include:

• Automatic Call Feature: Notes will be automatically called if the S&P 500 Index closes at or above initial level on July 6, 2026, paying $1,083 per $1,000 face amount
• Maturity Payment Structure: If not called early: - Above initial level: $1,000 + (100% upside participation) - Between 70-100% of initial level: $1,000 principal protected - Below 70%: Losses of 1% for each 1% decline beyond 30% buffer
• Key Dates: Trade date July 3, 2025; Maturity July 11, 2030
• Estimated Value: $885-$935 per $1,000 face amount, below issue price

Notes carry significant risk including potential loss of principal and credit risk of Goldman Sachs. No interest payments are made during the term.

Goldman Sachs Finance Corp has filed a Free Writing Prospectus for Contingent Income Callable Securities linked to the worst-performing of the S&P 500, Russell 2000, and Nasdaq-100 indices, due June 29, 2027. The securities offer:

• Quarterly contingent coupon of at least $26.25 per $1,000 principal if all indices stay above threshold levels
• Early redemption option starting December 30, 2025
• 75% downside threshold level for each index
• Principal at risk: investors could lose significant portion if any index falls below threshold

Key risks include potential loss of entire investment, credit risk of issuer/guarantor, and no participation in index appreciation. The estimated value range is $920-$980, below the issue price. The securities target investors seeking enhanced yield while accepting significant downside risk tied to multiple market indices.