GOLDMAN SACHS S&P ENHNCD 424B Filings

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $8,000,000 of S&P 500 Index-linked notes under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount, is issued at 100% with a 1% underwriting discount, and pays no periodic interest.

At maturity on August 5, 2027, the cash payment per $1,000 depends on the S&P 500 performance from the initial level of 7,457.69. If the final index level is at or above the buffer level of 90% of the initial level, investors receive the maximum settlement amount of $1,091.50, capping upside at 9.15%. If the index finishes below the buffer, principal declines by about 1.1111% for every 1% drop below the buffer, down to a possible total loss of invested principal. The notes are unsecured, unsubordinated obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not listed on an exchange, may have limited liquidity and potentially significant secondary market discounts, and carry uncertain U.S. tax treatment as pre-paid derivative contracts.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing equity-linked notes tied to an equally weighted basket of 9 large-cap technology-related stocks, with an initial basket level of 100. The total initial face amount is $1,000,000, with an original issue price of 100% of face, a 1.5% underwriting discount and net proceeds of 98.5% of face to the issuer. The notes pay no interest and may be automatically called on July 30, 2027 if the basket level is at or above the initial level, in which case investors receive $1,221.6 per $1,000 on August 4, 2027.

If not called, the notes mature on July 20, 2028. At maturity, investors receive: (1) for a positive basket return, $1,000 plus 125% of the gain; (2) for a basket decline between 0% and -20%, full principal of $1,000; or (3) for declines beyond -20%, principal reduced by 125% of the loss beyond the 20% buffer, exposing investors to substantial downside, including potential total loss. The estimated value at pricing is approximately $941 per $1,000 face amount, below the issue price, reflecting fees, hedging and model assumptions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $3,000,000 of Autocallable Leveraged Index Return Notes linked to the MSCI Emerging Markets Index. Each note has a $10 principal amount, no periodic interest and matures on July 27, 2028, unless automatically called earlier.

The notes are automatically called on the July 27, 2027 Call Observation Date if the index is at or above its Starting Value of 1,616.90, paying a fixed $11.90 per unit (principal plus a $1.90, 19% Call Premium). If not called, at maturity holders receive 150% of any index gain above the Starting Value. Principal is protected only down to a Threshold Value of 970.14 (60% of the Starting Value); if the Ending Value is below this threshold, repayment is reduced 1‑for‑1 with index losses, up to a total loss of principal.

The estimated value at pricing is $9.74 per $10 unit, below the public offering price, reflecting structuring costs, hedging and dealer compensation. The minimum initial investment is $100,000. Investors face full issuer and guarantor credit risk, exposure to emerging‑markets and currency risks, and limited or no secondary market liquidity.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable notes due August 4, 2033 linked to the Goldman Sachs Momentum Builder ^® Focus ER Index. Each note has a $1,000 face amount. The notes may be automatically called annually if the index closing level is at least 100.75% of the initial index level on a call observation date, paying $1,000 plus a fixed call premium (from 9.25% in 2027 up to 55.50% in 2032).

If not called, at maturity investors receive the greater of $1,000 or $1,000 plus 100% of any positive index return; there is no loss of principal from index declines, subject to issuer and guarantor credit. The index is a rules-based, daily rebalanced strategy with volatility and momentum controls, significant potential allocation to cash-like positions, and an annual 0.65% deduction applied within its structure. The issuer’s estimated value on the trade date is $850–$880 per $1,000, below the original issue price, reflecting fees and structuring costs. The notes pay no periodic interest and are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income over their life.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Lululemon-linked Medium-Term Notes, Series F, with an aggregate face amount of $341,000. The notes pay a contingent quarterly coupon of $35.625 per $1,000 face amount per observation period, but only when the Lululemon share price (the underlier) on the relevant coupon observation date is at or above the coupon trigger level, set at 50% of the initial underlier level.

The notes are subject to an automatic call feature: if on any call observation date the underlier is at or above the initial level of $116.67, the notes are redeemed at $1,000 per $1,000 face amount plus any due coupon, ending the investment early. At maturity on July 27, 2029, if not previously called, investors receive $1,000 per $1,000 face amount only if the final underlier level is at or above the trigger buffer level (also 50% of the initial level). If the final level is below this buffer, the payoff is $1,000 plus $1,000 times the underlier return, exposing investors to losses that can reach 100% of principal.

The original issue price is 100% of face, with a 0.5% underwriting discount and 99.5% net proceeds to the issuer. Investors bear the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., have no shareholder rights in Lululemon, may receive no coupons, and may face limited or no liquidity in secondary trading.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering autocallable index-linked notes due July 26, 2029 under its Medium-Term Notes, Series F program. The notes’ return and principal repayment depend on the performance of the Nasdaq-100 Index® and the S&P 500® Index.

The notes do not pay interest. On any monthly call observation date from July 21, 2027 through June 21, 2029, if the closing level of each index is at or above its initial level, the notes are automatically called and pay $1,000 plus a call premium (starting at 10.8504% and rising to 31.647% of face amount) per $1,000.

If not called, the maturity payment per $1,000 depends on the lesser-performing index. If that index is at or above its initial level, the holder receives $1,000 plus a 32.5512% maturity premium. If it is below the initial level but at or above the 85% buffer level, repayment equals $1,000. If it falls below the buffer, losses follow the full downside beyond the 15% buffer, down to a minimum of 15% of face. Investors are exposed to the credit risk of GS Finance Corp. and the guarantor, potential loss of a substantial portion of principal, capped upside, limited liquidity, and uncertain tax treatment.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is issuing S&P 500® Index-linked auto-callable notes with an aggregate face amount of $13,000,000 under its Medium-Term Notes, Series F program. The notes do not bear interest and payments depend entirely on S&P 500® performance and the issuer’s and guarantor’s credit.

The notes may be automatically called on July 29, 2027 if the S&P 500® closing level on July 26, 2027 is at least the initial level of 7,457.69. In that case, investors receive $1,120 per $1,000 face amount and the term ends early. If not called, at maturity on July 20, 2028 investors receive: upside at a 100% participation rate if the index is above the initial level; return of principal if the final level is between 85% and 100% of the initial level; or a loss matching index declines beyond a 15% buffer if the index closes below 85% of the initial level, potentially down to a minimum of 15% of face value.

The original issue price is 100% of face amount, with a 0.1% underwriting discount and 99.9% net proceeds to the issuer. Key risks include possible substantial loss of principal, lack of interest, capped call payment, automatic redemption risk, secondary-market and valuation uncertainty, and the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. U.S. tax treatment is uncertain; the notes are expected to be treated as pre-paid derivative contracts and are subject to FATCA rules.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering $510,000 face amount of index-linked notes tied to the common stock of Boston Scientific Corporation. The notes pay a contingent quarterly coupon of $31.25 per $1,000 (3.125% quarterly, up to 12.5% per year) only when Boston Scientific’s share price on the relevant observation date is at least 50% of the initial price of $43.77.

The notes can be automatically called from January 2027 through April 2029 if the stock closes at or above the initial price, in which case investors receive $1,000 per note plus the due coupon and no further payments. If held to maturity on July 27, 2029 and not called, principal is fully returned only if the final stock price is at least 50% of the initial price; below that “trigger buffer,” losses match the stock’s decline and investors can lose their entire investment and receive no coupon. The estimated value at pricing is about $983 per $1,000, below the 100% issue price, reflecting fees and hedging costs. The notes are unsecured obligations of GS Finance Corp, subject to the credit risk of both the issuer and guarantor, are not listed, may have limited liquidity, and their value can be affected by stock volatility, interest rates, and Goldman Sachs’ hedging and market-making activities.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering zero‑coupon structured notes linked to an equally weighted basket of five large‑cap technology stocks: Alphabet, Amazon.com, Meta Platforms, Microsoft and Oracle. Each stock has a 20% weight and an initial basket stock price set on July 21, 2026, giving an initial basket level of 100. The notes pay no interest and return at maturity depends solely on basket performance between that date and the determination date, expected to be August 5, 2027, with maturity expected on August 9, 2027.

For each $1,000 face amount, investors receive: if the basket return is positive, 3x the basket return added to principal, but capped at a maximum settlement amount of $1,363 (136.3% of face), corresponding to a cap level of 112.1% of the initial basket level; if the basket return is zero or negative, they receive $1,000 plus the (possibly negative) basket return, exposing principal fully to downside in the basket. The estimated value on the trade date is expected between $935 and $965 per $1,000, below issue price, reflecting fees, hedging and funding costs. Investors bear the unsecured credit risk of GS Finance Corp. and the guarantor, receive no dividends or interest, face limited anti‑dilution protection, and may encounter illiquidity and model‑driven secondary pricing.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing $600,000 of medium-term notes linked to the common stock of NVIDIA Corporation. The notes may be automatically called on July 30, 2027 if NVDA’s closing level on July 27, 2027 is at or above the initial underlier level of $203.28, in which case investors receive $1,232.50 per $1,000 face amount and the investment ends early.

If not called, the cash settlement at maturity on July 25, 2028 depends on NVDA’s final level. Investors participate at a 125% upside participation rate when the final level exceeds the initial level. If the final level is between the 80% buffer level and the initial level, repayment is $1,000 per $1,000. Below the buffer, principal is reduced 1-for-1 with NVDA’s decline beyond the 20% buffer, so a substantial loss of principal is possible.

The notes do not pay interest, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not be listed on any exchange. The estimated value at pricing is lower than the issue price, secondary market liquidity is uncertain, and the U.S. tax treatment as a pre-paid derivative contract is described as uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering notes whose principal repayment depends on a basket of five large-cap tech stocks: Alphabet Class A, Amazon.com, Meta Platforms Class A, Microsoft, and Oracle, each initially weighted 20%. The notes pay no interest and mature on an expected stated maturity date of August 9, 2027, with performance measured from July 21, 2026 to an expected determination date of August 5, 2027.

The basket has an initial level of 100. If the final basket level is at least 90% of the initial level, investors receive a maximum settlement amount of $1,179 per $1,000 face amount, capping upside even if the basket more than doubles. If the basket falls below 90% of its initial level, repayment is reduced: investors lose approximately 1.1111% of principal for every 1% the final basket level is below 90%, and a severe decline can result in a total loss of principal.

The structure includes a 10% buffer but no protection beyond that level, and investors do not receive dividends on the underlying stocks. The estimated value at pricing is expected between $935 and $965 per $1,000, below issue price, reflecting dealer compensation, hedging costs and model assumptions. 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 medium-term, equity index-linked notes due August 11, 2027 with a face amount of $1,000 per security. The notes are linked to the lowest performing of the S&P 500 Index, Dow Jones Industrial Average, Nasdaq-100 Index and EURO STOXX 50 Index.

At maturity, investors receive: (i) face amount plus leveraged upside if the lowest performing index ends above its starting level, using an upside participation rate of at least 114%; (ii) full principal back if the index decline is within a 20% buffer; or (iii) reduced principal with 1-to-1 downside beyond the 20% buffer, with losses up to 80% of face. The threshold level for each index is 80% of its starting level.

The notes pay no interest or dividends, are designed to be held to maturity, and are subject to the unsecured credit risk of GS Finance Corp. and the guarantor. The original offering price is $1,000, with an underwriting discount of up to 2.325%, and an estimated initial value between $925 and $955 per $1,000, reflecting structuring and distribution costs.

GS Finance Corp. is offering no-interest, index-linked notes tied to the Russell 1000® Value Index, with payment at maturity based solely on index performance between July 21, 2026 and the determination date, expected October 7, 2027. The notes are expected to mature on October 13, 2027 and have a face amount of $1,000 per note in minimum denominations of $1,000.

For each $1,000, investors receive: (i) up to $1,203.5 (a 20.35% cap) if the index rises, with 100% upside participation; (ii) full principal back if the index is flat or down by up to 10%; or (iii) a loss of principal if the index falls more than 10%, with losses equal to the index decline beyond the 10% buffer. The initial index level is 2,432.597, the cap level is 120.35% of this level, and the buffer level is 90%. The notes are unsecured obligations of GS Finance Corp. guaranteed by The Goldman Sachs Group, Inc., and the estimated value at pricing is expected to be $925–$955 per $1,000, below the issue price.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $ Trigger GEARS notes linked to the S&P 500® Equal Weight Index. The notes are unsecured and pay at maturity based on index performance between the trade date and the determination date.

If the final index level is above the initial level, the maturity payment per $10 face amount equals $10 plus the index return multiplied by upside gearing, which is expected to be between 1.02 and 1.07. If the final level is at or below the initial level but at or above the 75% downside threshold, investors receive only the $10 face amount. If the final level falls below the downside threshold, the payoff equals $10 plus $10 times the (negative) index return, so investors lose principal in full proportion to the index decline and could lose their entire investment.

The minimum purchase is $1,000 face amount, in $10 denominations. The original issue price is 100% of face, with a 3.50% underwriting discount and 96.50% net proceeds to the issuer. The estimated value at pricing is expected between $8.85 and $9.25 per $10. The notes pay no interest or dividends, have limited or no secondary market, and all payments are subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering leveraged equity-linked notes due 2029 linked to the Class A common stock of Strategy Inc (ticker “MSTR UW”). The notes pay no interest and are repaid in cash at maturity.

At maturity, for each $1,000 note, investors receive: if the final stock level is above the initial level, $1,000 plus 500% of the stock’s percentage gain, capped at a maximum payment of $3,600; if the final level is between 50% and 100% of the initial level, $1,000; if it is below 50%, principal is reduced one-for-one with the stock’s loss, up to a total loss of principal.

The notes expose holders to the credit risk of GS Finance Corp. and Goldman Sachs, may trade below face value before maturity, will not be listed on any exchange, and have U.S. tax treatment described as a pre-paid derivative contract, which remains uncertain and could change.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, zero-coupon notes linked to an American depositary share of Taiwan Semiconductor Manufacturing Company Limited. Each note has a $1,000 face amount, trades are expected on August 4, 2026, and maturity is expected on August 7, 2031 unless the notes are automatically called starting in August 2027.

The notes pay no interest. If on a call observation date the TSM ADS closing price is at or above the applicable call price, the notes are redeemed for $1,000 plus a call premium (from 13.2% up to 62.7% of face), with call prices stepping down over time. If never called, at maturity investors receive $1,660 per $1,000 if the final stock price is at least 80% of the initial price. Below that buffer, principal is reduced one-for-one beyond a 20% decline, so losses can reach 80% of principal.

The notes’ return is capped and fully exposed to the credit risk of GS Finance Corp. and the guarantor. The estimated value on the trade date is expected to be between $885 and $935 per $1,000 face amount, reflecting structuring and distribution costs and GS&Co.’s pricing models.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering autocallable contingent coupon equity-linked notes due 2029 tied to the common stock of Amazon.com, Inc. The notes have a face amount of $1,000 each and are part of the issuer’s Medium-Term Notes, Series F program.

Quarterly coupons of $29 per $1,000 are only paid when Amazon’s closing level on each observation date is at or above a coupon trigger level set at 70% of the initial underlier level; otherwise, the coupon for that period is zero. The notes may be automatically called on scheduled observation dates starting in January 2027 if Amazon’s closing level is at or above the initial level, in which case investors receive $1,000 per note plus the due coupon.

If the notes are not called and Amazon’s final level on the July 24, 2029 determination date is at or above the 70% trigger buffer level, investors receive full principal back at maturity, plus any final coupon. If the final level is below the trigger buffer, repayment of principal is reduced one-for-one with the underlier’s loss, and investors can lose up to 100% of their investment. The notes carry the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., may trade below issue price, and are not listed on any exchange.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering no-interest, principal-at-risk structured notes linked to an equally weighted basket of seven large-cap stocks (Costco, EMCOR, IBM, Netflix, NVIDIA, Oracle and Regeneron). The basket has an initial level of 100, with each stock given an initial weighted value of 100/7.

At maturity, expected on August 27, 2027, each $1,000 note pays a cash amount based on the basket return from the trade date, expected July 24, 2026, to the determination date, expected August 24, 2027. If the final basket level is at or above the initial level, investors receive a capped payout of $1,131 per $1,000 (maximum settlement amount). If the basket finishes between 80% and 100% of its initial level, investors receive the $1,000 face amount. Below 80% (a drop of more than 20%), losses are 1:1 beyond the 20% buffer, so investors can lose a substantial portion of principal.

The notes do not pay interest and do not pass through dividends on the underlying stocks. Credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. applies. The estimated value at pricing is expected to be $925–$955 per $1,000, below the issue price, reflecting dealer compensation, hedging and structuring costs. Complex anti-dilution and market disruption provisions give the calculation agent wide discretion in adjustments and in determining final levels.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, buffered notes linked to the S&P 500® Futures Volatility Plus Daily Risk Control Index. The notes pay no interest and are expected to be issued on July 31, 2026 and mature on July 31, 2031, unless automatically called starting July 28, 2027.

The index provides leveraged (100%–200%) exposure to the S&P 500® Futures Excess Return Index, making the notes more volatile and riskier than notes linked directly to that futures index. If on a call observation date the index is at or above its initial level, the notes are redeemed for $1,000 plus a call premium that starts at 10.1508% and steps up to 49.9081% on later dates.

If not called, the maturity payment per $1,000 depends on index performance. You participate 100% in upside. There is a 15% downside buffer: if the index is down up to 15%, you receive $1,000; if it is down more than 15%, losses are linear beyond that and you can lose a substantial portion of principal. The estimated initial value is $885–$925 per $1,000, below issue price, and the notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering market-linked, auto-callable notes due August 2, 2029 tied to the worst-performing of the S&P 500 Index, Russell 2000 Index and State Street Technology Select Sector SPDR ETF. Each security has a $1,000 face amount and pays a quarterly contingent coupon of at least $29.50 (at least 11.80% per annum) only if, on the relevant calculation day, the lowest-performing underlier is at or above 70% of its starting value. From January 2027 through April 2029, if on any call date the lowest underlier is at or above its starting value, the notes are automatically called for $1,000 plus the contingent coupon.

If not called, at maturity investors receive $1,000 per note only if the lowest underlier on the final calculation day is at or above its 70% downside threshold; otherwise, repayment is reduced in proportion to the decline of that underlier, with the potential to lose more than 30% and up to all of principal. Investors do not participate in any upside of the underliers and receive no dividends. The estimated value on the pricing date is expected to be $925–$955 per $1,000, below the $1,000 offering price, reflecting underwriting discounts and structuring costs. All payments are subject to the unsecured credit risk of GS Finance Corp. and its guarantor, and the notes are not listed on any exchange.

GS Finance Corp is offering Capped Buffer GEARS, unsecured notes guaranteed by The Goldman Sachs Group, Inc., linked to an unequally weighted basket of five equity indices: EURO STOXX 50® (40%), Nikkei 225 (25%), FTSE® 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The notes have a face amount of $10 per security, an expected trade date of July 21, 2026, original issue date of July 24, 2026 and stated maturity on July 25, 2031.

At maturity, if the basket has risen, investors receive the face amount plus 2.00x the basket return, capped at a maximum settlement amount of $17.95 per $10 (a 79.50% maximum return), with a cap level at 139.75% of the initial basket level. If the final basket level is at or below the initial level but at or above the 80% downside threshold, the repayment is the $10 face amount. Below the downside threshold, principal is reduced one‑for‑one beyond the 20% buffer, down to 20% of face if the basket falls to zero.

The notes pay no interest, offer no dividends on underlying stocks and may have little or no secondary market. Original issue price is 100% of face, with a 3.50% underwriting discount and 96.50% net proceeds to the issuer. The estimated value at pricing is $8.85–$9.25 per $10, and all payments are subject to the credit risk of GS Finance Corp and The Goldman Sachs Group, Inc. The product is described as riskier than ordinary debt, with potential loss of up to 80% of principal at maturity.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is offering no-interest basket-linked notes maturing on an expected stated maturity date of July 29, 2031. Repayment depends on an unequally weighted basket of three indices: the S&P 500® Futures Excess Return Index (65%), the MSCI EAFE Index (25%) and the MSCI Emerging Markets Index (10%), measured from an expected trade date of July 24, 2026 to an expected determination date of July 24, 2031.

The initial basket level is 100. If the final basket level is above 100, holders receive $1,000 plus 195% of the positive basket return. If the final basket level is between 80% and 100% of the initial level, principal is returned at $1,000. If the final basket level falls below 80% of the initial level, losses match the full negative basket return, and investors can lose their entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp and the guarantor. They pay no coupons and do not provide ownership of any index components or futures. The estimated value at pricing is expected to be $885–$925 per $1,000 face amount, reflecting fees, hedging and model-based pricing. The tax disclosure treats the notes as a pre-paid derivative contract, but acknowledges significant uncertainty and potential future IRS or legislative changes.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering leveraged callable notes linked to the S&P 500® Futures Excess Return Index, maturing on an expected August 3, 2033. The notes pay no interest and return principal at maturity unless redeemed earlier.

At maturity, if the final index level exceeds the initial level, investors receive $1,000 plus 8x$1,000 per $1,000 face amount. GS Finance Corp. may, at its option, redeem the notes monthly from August 2027 to July 2033 at 100% of face amount plus a fixed call premium, which ranges from 10.0008% on August 3, 2027 to 69.1722% on July 5, 2033.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. The estimated value at pricing is expected to be between $885 and $925 per $1,000, below the issue price, and secondary market values may be further affected by interest rates, index volatility, and issuer credit spreads.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering 310,000 Autocallable Contingent Coupon (with Memory) Barrier Notes at $10 principal per unit, linked to an equally weighted basket of Micron, NVIDIA and Palantir Class A shares, maturing on July 24, 2029 if not called. The notes pay a quarterly contingent coupon of $0.38375 per unit (a 15.35% per annum rate) only when the basket’s observed value is at least 60% of the Starting Value, with a memory feature that can make up missed coupons when conditions are later met. The notes are automatically called if, on specified quarterly call dates from January 2027, the basket is at or above its Starting Value (Call Value 100.00), returning principal plus the applicable contingent coupon, after which no further payments are due. If not called, at maturity investors receive principal back only if the basket’s Ending Value is at or above the Threshold Value of 60.00; otherwise they incur 1‑to‑1 downside exposure to the basket’s decline, with up to 100% of principal at risk.

The public offering price is $10.00 per unit, with an underwriting discount of $0.15 per unit and proceeds to the issuer of $9.85 per unit, or $3,053,500 in aggregate before expenses. The initial estimated value is approximately $9.52 per $10 principal, reflecting dealer models, hedging costs and fees. GS&Co. may make a market but is not obligated to, and notes will not be exchange-listed, so liquidity may be limited. All payments are subject to the unsecured credit risk of GS Finance Corp. as issuer and The Goldman Sachs Group, Inc. as guarantor, and the minimum initial investment is $100,000 in principal amount.

GS Finance Corp. is offering S&P 500® Index-linked Market Linked Securities with an aggregate face amount of $535,000, issued at $1,000 per note and guaranteed by The Goldman Sachs Group, Inc. These are principal-at-risk, no-interest medium-term notes maturing on July 20, 2028.

At maturity, investors receive: (i) upside equal to 100% of the index gain, capped at a 16.00% maximum return ($1,160 per $1,000); (ii) a contingent positive return for index declines up to the 20% buffer; or (iii) leveraged losses of 1.25% of principal for each 1% index drop beyond the buffer, potentially losing all principal. The starting S&P 500® level is 7,457.69, with a threshold at 80% of that level.

The estimated value is about $963 per $1,000 face, below the issue price, reflecting fees and structuring costs. Payments depend solely on the credit of GS Finance Corp. and its guarantor, and there is no exchange listing or periodic interest. U.S. tax treatment is complex and may change.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,025,000 of Callable Nasdaq-100 Technology Sector Index-Linked Notes due July 20, 2029. The notes are issued at 100% of face amount with a 1% underwriting discount and 99% net proceeds to the issuer.

The notes pay no interest and may be redeemed by the issuer monthly from July 22, 2027 through June 22, 2029 at 100% of face amount plus a call premium that steps from 19.2% to 56%. If not called, repayment depends on the Nasdaq-100 Technology Sector Index (NDXT) performance from the trade date to July 17, 2029.

The initial underlier level is 16,403.53 with a 150% upside participation rate. At maturity, investors receive $1,000 plus 1.5× index gains if the index is above the initial level; full principal back if the index is between 85% and 100% of the initial level; and a buffered loss beyond a 15% downside, potentially losing most of the investment. The issuer’s estimated value is $965 per $1,000, below issue price, and payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp. is offering Medium-Term Notes, Series F, fully guaranteed by The Goldman Sachs Group, Inc., that are equity ETF-linked, principal-at-risk securities tied to an equally weighted basket of the State Street Energy Select Sector SPDR ETF and the State Street Technology Select Sector SPDR ETF (50% each). Each security has a $1,000 face amount, an expected pricing date of July 22, 2026 and a stated maturity of July 27, 2028.

At maturity, investors receive: (1) leveraged upside of 125% of the basket’s gain, capped at a maximum return of at least 29.25% (minimum maturity payment of $1,292.50 per $1,000); (2) full principal back if the basket decline is within a 15% buffer; or (3) a loss of principal on a 1-to-1 basis beyond the 15% buffer, with up to 85% loss of face amount. The notes pay no interest or dividends and have no listing. The estimated value on the pricing date is $900–$930 per $1,000, below the $1,000 offering price, and all payments are subject to the unsecured credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is issuing index-linked Medium-Term Notes, Series F, with an aggregate face amount of $8,954,000. The notes reference the Russell 2000 Index and the S&P 500 Index and mature on July 22, 2031, unless automatically called earlier.

Investors receive a contingent quarterly coupon of $25.375 per $1,000 face amount (2.5375% quarterly, up to 10.15% per annum) only if on each coupon observation date both indices are at or above 70% of their initial levels. The notes are automatically called, returning $1,000 per $1,000 note plus the due coupon, if on any call observation date both indices are at or above their initial levels.

If the notes are not called, the payment at maturity depends solely on the lesser performing index. If that index’s final level is at least 70% of its initial level, investors receive $1,000 per note (plus any final coupon). If it is below 70%, the payoff is $1,000 + $1,000 × lesser performing underlier return, so investors can lose up to 100% of principal. The notes carry the credit risk of GS Finance Corp. and the guarantor, have an estimated value lower than the issue price, may have limited liquidity, and involve uncertain U.S. tax treatment, including potential FATCA and section 871(m) considerations.

GS Finance Corp. is offering Bear Market-Linked One Look Notes with a Dual Directional Buffer linked to the Nasdaq-100 Index, issued at $10 principal per unit and maturing in approximately fifteen months, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

At maturity, if the index ends at or below its starting level, investors receive a fixed Digital Payment of 14.00%–16.00%. If the index rises but stays at or below 120.00% of the Starting Value, the notes pay a positive return equal to that increase. Above this Threshold Value, principal is reduced 1-to-1 with index gains, but not below a Minimum Redemption Amount of $2.00 per unit, so large index rallies can cause significant loss.

The notes pay no periodic interest, offer limited or no secondary market liquidity, and all payments are subject to the credit risk of GS Finance Corp. and its parent guarantor. The public offering price is $10.00 per unit, while the initial estimated value is expected to be $9.25–$9.55 per $10, reflecting underwriting discounts, structuring fees and hedging and issuance costs.

GS Finance Corp, guaranteed by The Goldman Sachs Group, Inc., is issuing callable contingent interest barrier notes linked to the common stock of NVIDIA, Oracle and SoFi, in an aggregate $250,000 face amount. The notes mature on July 24, 2029 but can be automatically called from January 2027 if on a call observation date each stock’s closing price is at or above its initial price ($202.81 NVDA, $126.41 ORCL, $17.28 SOFI). If called, holders receive $1,000 per note plus any due coupon.

Monthly “memory” coupons of $17.50 per $1,000 (1.75% monthly, up to 21% per year) are paid only when on the relevant observation date each stock is at or above 50% of its initial price; otherwise the coupon is zero. At maturity, if the notes have not been called and a trigger event has not occurred (at least one stock at or above its initial price), investors receive full principal, plus the final coupon if each stock is at or above 50% of its initial price. If a trigger event has occurred (all stocks below initial price), repayment is based on the worst-performing stock, with full principal protection down to its 50% “trigger buffer price” and then 1‑for‑1 downside exposure, which can reduce repayment to zero and eliminates any coupon.

The original issue price is 100% of face amount, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer. The estimated value is approximately $956 per $1,000 at pricing, and the notes are unsecured obligations subject to the credit risk of GS Finance Corp and the guarantor. The accompanying risk discussion highlights valuation shortfall versus issue price, limited liquidity, potential loss of the entire investment, and the impact of market disruption and anti‑dilution adjustments determined by Goldman Sachs & Co. LLC as calculation agent.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $17,928,000 of Medium-Term Notes, Series F, linked to the Russell 2000 Index and the S&P 500 Index. The notes pay a contingent quarterly coupon of $20.625 per $1,000 (2.0625% per quarter, up to 8.25% per year) only if on each observation date both indices are at or above 55% of their initial levels.

At maturity, if not previously redeemed, investors receive $1,000 per note if the final level of each index is at or above its 55% trigger buffer level. Otherwise, principal is reduced one-for-one with the lesser performing index’s return, and investors can lose their entire investment. Principal repayment is capped at par even if the indices rise significantly.

The company may call the notes at $1,000 plus any due coupon on any coupon payment date from January 2027 through April 2031. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. The estimated value on the trade date is lower than the 100% issue price due to fees, structuring costs and dealer compensation, and the notes are not listed; secondary market pricing and liquidity are uncertain.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F, linked to the Dow Jones Industrial Average, Nasdaq-100 Index and S&P 500 Index with an aggregate face amount of $9,470,000. The notes pay a contingent monthly coupon of $11.042 per $1,000 (1.1042% monthly, up to about 13.25% per year) only if on each observation date all three indexes are at or above 80% of their initial levels; otherwise the coupon is zero.

The notes can be automatically called quarterly if on a call observation date all underliers are at or above their initial levels, in which case investors receive $1,000 per note plus the coupon then due, ending the investment early. If not called, at maturity on July 20, 2029 investors receive $1,000 per note if each index is at or above its 80% buffer level; if any index is below this buffer, principal is reduced according to the “lesser performing” index, with losses magnified by a 125% buffer rate. In extreme declines, investors can lose their entire principal and may receive no coupons.

The notes have an original issue price of 100% with no underwriting discount, are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, and will not be listed on any exchange. Secondary market value may be volatile and influenced by index levels, interest rates, volatility, and Goldman Sachs’ credit spreads. U.S. tax treatment is uncertain; current counsel opinion treats the notes as income-bearing pre-paid derivative contracts, with coupons likely taxed as ordinary income.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering non-interest-bearing structured notes linked to an equally weighted basket of 8 large-cap stocks. The initial basket level is 100, with each stock weighted at 12.5 and an initial aggregate face amount of $1,151,000.

The notes may be automatically called on July 30, 2027 if the basket is at or above the initial level, paying $1,230 per $1,000 on August 4, 2027. If not called, they mature on July 20, 2028; investors then receive $1,000 plus 125% of any positive basket return, $1,000 if the basket is between 85% and 100% of the initial level, or a reduced amount if the basket falls below 85%, with losses amplified by a buffer rate of about 117.65%. Investors can lose their entire principal.

The notes are sold at 100% of face with a 1.5% underwriting discount, yielding 98.5% net proceeds to the issuer. The estimated value is ~$945 per $1,000 at pricing. Holders receive no interest or dividends and are exposed to the credit risk of GS Finance Corp. and its guarantor, as well as complex market disruption and anti-dilution adjustment provisions.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $1,422,000 aggregate face amount of medium-term structured notes linked to the Nasdaq-100 Index®, Russell 2000® Index and S&P 500® Index. The notes pay a contingent monthly coupon of $7.292 per $1,000 face amount (0.7292% monthly, up to about 8.75% per annum) only if, on each coupon observation date, the closing level of each index is at or above 75% of its initial level.

On quarterly call observation dates, if each index is at or above its initial level, the notes are automatically called and redeemed at $1,000 per $1,000 face amount plus the applicable coupon, ending any further payments. If the notes are not called, at maturity investors receive $1,000 per $1,000 face amount only if the final level of each index is at or above 70% of its initial level. If any index finishes below this 70% trigger buffer, the payoff is reduced by the full negative return of the worst-performing index, and investors can lose their entire principal.

The initial index levels are 28,592.66 (Nasdaq-100), 2,962.217 (Russell 2000) and 7,457.69 (S&P 500). 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 value at pricing is lower than the issue price, secondary market liquidity is uncertain, and investors are exposed to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $33,985,000 of S&P 500® Index-linked medium-term notes under its Series F program. The notes are issued at 100% of face amount, with a 1.5% underwriting discount and 98.5% net proceeds to the issuer.

The notes may be automatically called on July 30, 2027 if the S&P 500® closing level is at or above the initial level of 7,457.69, in which case investors receive $1,100 per $1,000 on August 4, 2027 and no further payments. They bear no interest and otherwise pay at maturity on July 20, 2028 based on index performance, with a 191% upside participation rate, a 10% buffer down to 90% of the initial level, and losses increasing beyond that, up to a total loss of principal.

Payments depend on the credit of GS Finance Corp. and its guarantor, and the estimated value of the notes at pricing is less than the issue price. The notes are not listed, may have limited liquidity, provide no rights in S&P 500® constituent stocks, and involve uncertain U.S. tax treatment as prepaid derivative contracts, including potential FATCA and section 871(m) considerations.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the MSCI Emerging Markets Index with an aggregate face amount of $2,840,000. Each note has a $1,000 face amount and pays no interest.

At maturity on November 22, 2027, the cash payment per $1,000 depends on index performance from the July 17, 2026 trade date. If the final index level is above the initial 1,620.66 level, holders receive $1,000 plus 200% of the index gain, capped at a maximum settlement amount of $1,295.90. If the index falls but stays at or above 85% of the initial level (a 15% buffer), holders receive the full $1,000. Below the buffer level, principal is reduced 1% for each 1% decline beyond the buffer, exposing investors to substantial losses.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor. They do not confer ownership, dividends or voting rights in the underlying stocks and will not be listed on any exchange. Valuation may differ from the original issue price, secondary market liquidity is not assured, and the U.S. federal income tax treatment is uncertain, with counsel viewing them as pre-paid derivative contracts.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering Oracle-linked structured notes with an aggregate face amount of $227,000 under its Medium-Term Notes, Series F program. The notes pay no interest and return at maturity depends on the performance of Oracle Corporation common stock from the trade date to the determination date.

For each $1,000 note, investors receive $1,000 plus the underlier return when Oracle’s final level exceeds its initial level, capped at a maximum settlement amount of $1,669.50. A 25% buffer (buffer level 75% of the initial level) protects principal against moderate declines; below the buffer, investors lose 1% of face for each 1% drop under the buffer. The original issue price is 100% of face, including a 0.55% underwriting discount, and the estimated value is lower than the issue price. The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and its parent, will not be listed on any exchange, may have limited liquidity, and involve uncertain U.S. federal income tax treatment.

GS Finance Corp. is offering $450,000 aggregate face amount of senior unsecured notes linked to the common stock of Micron Technology, Inc., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes have a face amount of $1,000 each, an original issue price of 100% of face, bear no interest, and are scheduled to mature on January 21, 2028.

At maturity, for each $1,000 note, if the Micron stock “underlier” is at or above the trigger buffer level of 60% of the initial level, investors receive a fixed maximum settlement amount of $1,675 (167.5% of face), regardless of how high the stock has risen. If the final underlier level is below the trigger buffer level, the payoff becomes $1,000 + ($1,000 × underlier return), where underlier return is (final level − initial level) ÷ initial level, producing a one-for-one loss with the stock move below the initial level and allowing for total loss of principal.

The initial underlier level is set at $853.20, based on Micron’s closing price on July 16, 2026, with the trade date on July 17, 2026, determination date on January 18, 2028 (subject to adjustment), and book-entry issuance under the GSFC 2008 indenture. The underwriting discount is 1.75% of face, resulting in initial net proceeds of 98.25% of face to the issuer, and the notes will not be listed on any exchange. Investors bear the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., face potentially limited liquidity, no shareholder rights in Micron, capped upside due to the maximum settlement amount, and significant downside if Micron’s stock falls.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering $7,026,000 principal amount of auto-callable Jump Securities linked to the worst-performing of three State Street ETFs: Energy Select Sector SPDR, Health Care Select Sector SPDR and SPDR S&P Biotech. The notes mature on July 22, 2032 and do not pay periodic interest.

On any call observation date, if each ETF closes at or above 90% of its initial price, the notes are automatically called for $1,000 plus a fixed call premium (from 14.30% up to 82.225%, depending on call date). If never called and all ETFs finish at or above their initial prices, investors receive $1,000 plus an 85.80% maturity premium. Otherwise, repayment equals $1,000 multiplied by the worst-performing ETF’s price ratio, exposing investors to full downside to zero. The estimated value is $929 per $1,000 note, below the issue price, reflecting underwriting discounts, hedging and structuring costs, and the notes are 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 issuing $1,048,000 of Contingent Income Buffered Auto-Callable Securities linked to Vertiv Holdings Co Class A common stock, maturing July 22, 2030. These principal-at-risk notes pay contingent quarterly coupons only when Vertiv’s share price on each observation date is at or above the buffer price of $144.78, which is 50% of the $289.56 initial share price. The memory feature allows missed coupons (other than at maturity) to be paid later if conditions are met. The notes are auto-callable: if Vertiv closes at or above the initial share price on any call observation date, investors receive $1,000 per note plus the due coupon, and no further payments.

If held to maturity and not called, investors receive $1,000 per note plus the final coupon if the final share price is at or above the buffer. Below the buffer, repayment is reduced by 2.00% of principal for every 1% decline beyond the 50% buffer, exposing investors to a total loss of principal. The estimated value is approximately $960 per $1,000 at pricing, below the 100% issue price, reflecting fees, hedging and structuring costs. Payments depend on the credit of GS Finance Corp. and The Goldman Sachs Group, Inc., and investors do not participate in any upside of Vertiv stock.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is offering auto-callable, index-linked notes with an aggregate face amount of $2,792,000 under its Medium-Term Notes, Series F program. The notes are tied to the Goldman Sachs Momentum Builder® Focus ER Index, a rules-based strategy that reallocates daily among equity, fixed income, commodity and cash-equivalent exposures, subject to a 5% volatility control, a momentum risk control feature and an annual 0.65% deduction.

The notes pay no coupons and may be automatically called on annual observation dates if the index closes at or above rising call levels, paying $1,000 plus a fixed call premium per $1,000. If never called, at maturity in July 2033 investors receive: $1,000 plus 100% of any positive index return, or $1,000 only if the index is flat or down, providing principal repayment but no downside participation. The initial issue price is 100% of face, but the issuer’s estimated value is $891 per $1,000. The notes are subject to the credit risk of GS Finance Corp. and the guarantor, potential illiquidity, and U.S. tax treatment as contingent payment debt instruments, which generally requires annual taxation of deemed ordinary income based on a 5.26% comparable yield.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering S&P 500® Index-linked notes with an aggregate face amount of $6,695,000 under its Medium-Term Notes, Series F program. Each note has a $1,000 face amount and pays no interest.

At maturity on August 4, 2027, for each $1,000 note you receive a cash amount based on the S&P 500® performance from the July 17, 2026 trade date to the July 30, 2027 determination date. If the final index level is at or above the 85% buffer level of the initial level of 7,457.69, you receive the maximum settlement amount of $1,077.50, capping upside at 107.75% of face value. If the final level is below the buffer, principal is reduced using a buffer rate of approximately 117.65%, producing losses of about 1.1765% of face per 1% decline below the buffer; you could lose your entire investment.

The notes are unsecured obligations subject to the credit risk of GS Finance Corp. and the guarantor, are not listed on any exchange, and may have limited or no secondary market. The estimated value on the trade date is less than the 100% issue price due to underwriting discounts, expenses and dealer economics. U.S. federal income tax treatment is uncertain; the issuer and its counsel treat the notes as a pre-paid derivative contract on the index, and the notes are generally subject to FATCA rules.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering unsecured Medium-Term Notes, Series F, linked to the S&P 500® Futures Excess Return Index. Aggregate face amount is $831,000, issued at 100% of face with a 3.625% underwriting discount.

At maturity on July 22, 2031, investors receive for each $1,000: if the final underlier level exceeds the initial level of 596.71, $1,000 plus 117.3% of the index gain; if the index is flat or lower, only the $1,000 principal. The notes do not bear interest and are cash-settled.

The notes are subject to the credit risk of GS Finance Corp. and its parent, potential secondary-market illiquidity, and structural risks from using E-mini S&P 500 futures, including negative roll yield and financing costs that can depress index performance. For U.S. tax purposes, they are treated as contingent payment debt instruments with a comparable yield of 5.07% per annum and a projected maturity payment of $1,289.06, leading to annual ordinary income accruals even though cash is paid only at maturity.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $16,963,000 of Medium-Term Notes, Series F, linked to the Goldman Sachs Momentum Builder® Focus ER Index. The notes may be automatically called annually if the index closes at or above rising call levels, paying for each $1,000 face amount $1,000 plus a fixed call premium (from 12.30% on the first call date up to 73.80% on the last).

If never called, at maturity in 2033 you receive for each $1,000 either $1,000 + 100% of any positive index return or, if the index is flat or down, $1,000 only. The notes do not pay coupons, and any return comes solely from automatic call payments or index appreciation. The index is a rules-based, daily rebalanced strategy with 5% volatility control, a momentum risk control overlay and a 0.65% per annum fee drag, often heavily allocated to hypothetical cash, which can materially reduce index gains.

The estimated value on the trade date is $893 per $1,000 face amount, below the 100% issue price, reflecting fees and margins. Underwriting discount is 4.625% of face amount, with net proceeds of 95.375%. The notes are subject to the credit risk of GS Finance Corp. and the guarantor, may have limited or no secondary market, are sensitive to interest rates and index methodology risks, and are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of ordinary income based on a 5.26% comparable yield even before cash is received.

GS Finance Corp., guaranteed by The Goldman Sachs Group, Inc., is issuing $5,000,000 of autocallable contingent coupon notes linked to the iShares Semiconductor ETF (SOXX). The notes pay a contingent quarterly coupon of $78.875 per $1,000 (7.8875% quarterly, up to 31.55% per year) whenever SOXX’s closing level on a coupon observation date is at least 75% of the initial level of $521.81.

The notes may be automatically called on observation dates from January 2027 through April 2030 if SOXX is at or above the initial level; in that case, investors receive $1,000 per note plus the applicable coupon, and the notes terminate early. If not called, the notes mature on July 22, 2030. At maturity, if SOXX is at or above 65% of the initial level, principal is fully repaid; if it is between 65% and 75%, only principal is returned with no final coupon; below 65%, repayment is reduced one-for-one with the ETF loss, and investors can lose up to their entire investment. The estimated value on the trade date is approximately $984 per $1,000, and all payments are subject to the credit risk of GS Finance Corp. and the guarantor.

GS Finance Corp. is offering $9,594,000 aggregate face amount of index-linked Medium-Term Notes, Series F, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the Russell 2000 Index and the S&P 500 Index and pay a contingent quarterly coupon of $17.50 per $1,000 face amount (1.75% quarterly, up to 7.00% per annum) only if on each observation date both indices are at or above 55% of their initial levels.

At maturity, if not previously redeemed, investors receive $1,000 per note if each index is at or above its 55% trigger buffer level; otherwise repayment is reduced one-for-one with the lesser performing index, down to a total loss of principal. The notes are callable at the issuer’s option on any coupon payment date from January 2027 through April 2031 at $1,000 plus any due coupon, shortening the potential investment term. Investors bear the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., have no rights in the underlying indices or their stocks, may face limited or no secondary market liquidity, and face uncertain U.S. tax treatment as income-bearing prepaid derivative contracts.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering structured notes with an aggregate face amount of $217,000, linked to an American depositary share of Alibaba Group Holding Limited. Each note has a $1,000 face amount and pays no interest.

At maturity on October 21, 2027, holders receive a cash amount per $1,000 that depends on Alibaba’s ADS performance from the July 17, 2026 trade date, with a 25% buffer and a maximum settlement amount of $1,357. Loss of principal begins if the final underlier level falls below 75% of the initial level of $114.97, and investors can lose a substantial portion of their investment. The original issue price is 100% of face, including a 0.55% underwriting discount (net proceeds 99.45%), and the notes are subject to the credit risk of both the issuer and guarantor, market volatility in Alibaba ADS, foreign security and FX risks, uncertain tax treatment, and limited or no secondary market liquidity.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering Medium-Term Notes, Series F linked to the common stock of Microsoft Corporation. The aggregate face amount is $157,000, with an original issue price of 100% of face amount and an underwriting discount of 0.55%.

For each $1,000 note, investors receive at maturity: (i) $1,000 plus the Microsoft stock return if positive, capped at a maximum settlement amount of $1,261; (ii) $1,000 if the final stock level is between 75% and 100% of the initial level; or (iii) a reduced amount if the final level is below the 75% buffer level, resulting in potential loss of principal. The notes do not bear interest and expose holders to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc.

The initial underlier level is $393.82, with trade date July 17, 2026, original issue date July 22, 2026, determination date October 18, 2027, and stated maturity date October 21, 2027, each subject to adjustment. Tax treatment is uncertain; counsel views the notes as a pre-paid derivative contract in respect of Microsoft stock.

GS Finance Corp., fully and unconditionally guaranteed by The Goldman Sachs Group, Inc., is offering medium-term notes linked to the common stock of Vistra Corp. The notes have an aggregate face amount of $500,000 and a face amount of $1,000 per note, with an original issue price of 100% of face, an underwriting discount of 1.25%, and net proceeds of 98.75% of face to the issuer.

The initial underlier level is $152.56, and the final underlier level is the arithmetic average of the underlier’s closing levels on five averaging dates in January 2028. If the final underlier level is at or above the 70% trigger buffer level, holders receive a capped payoff equal to the maximum settlement amount of $1,382 per $1,000 note (138.2% of face). If the final underlier level is below the trigger buffer level, the cash settlement equals $1,000 plus $1,000 times the underlier return, producing a 1% loss of principal for each 1% decline below the initial level and potentially a total loss of invested principal.

The notes bear no interest, are subject to the credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc., will not be listed on any exchange, and may have limited or no secondary market liquidity. The pricing supplement highlights that the estimated value at pricing is less than the original issue price, that market value may be volatile and sensitive to interest rates, volatility and credit spreads, and that U.S. federal income tax treatment is uncertain, with counsel viewing the notes as pre-paid derivative contracts. Non-U.S. holders are advised of potential U.S. withholding under section 871(m) and FATCA.