The notes do not bear interest. The amount that you will be paid on your notes on the stated maturity date is based on the performance, as measured from the trade date to and including the determination date, of a weighted basket comprised of TOPIX, the S&P 500® Index and the EURO STOXX 50® Index.

On the determination date, a weighted return will be calculated, which will be based on the basket underlier return for each basket underlier. The weighted return is the sum of the products of (i) the highest basket underlier return times 50% plus (ii) the second highest basket underlier return times 30% plus (iii) the lowest basket underlier return times 20%. Even though the weighted return allocates higher weights to the higher basket underlier returns, a low basket underlier return may offset other, higher basket underlier returns.

If the weighted return on the determination date is positive, the return on your notes will be positive and will equal the weighted return, subject to the maximum settlement amount of at least $2,000 (set on the trade date) for each $1,000 face amount of your notes. If the weighted return is zero or negative but not below -20%, you will receive the face amount of your notes.

If the weighted return is negative and is below -20%, the return on your notes will be negative and will equal the weighted return plus 20%. You could lose a significant portion of the face amount of your notes.

You should read the accompanying preliminary pricing supplement dated May 18, 2026 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.

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. 48, general terms supplement no. 17,745 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. 48, general terms supplement no. 17,745 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. 48, general terms supplement no. 17,745 and preliminary pricing supplement if you so request by calling (212) 357-4612.

The notes 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:

An investment in the notes is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,745, accompanying underlier supplement no. 48, 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 “Additional Risk Factors Specific to Your Notes” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 17,745 and “Additional Risk Factors Specific to the Securities” in the accompanying underlier supplement no. 48, 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: