Market-Linked Notes Based on the Value of the S&P 500® Index due October 5, 2032

The Market-Linked Notes 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 September 11, 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.
			Market-Linked Notes 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 September 30, 2026
Original issue date:	expected to be October 5, 2026
Valuation date:	expected to be September 30, 2032
Stated maturity date:	expected to be October 5, 2032
Payment at maturity (for each $1,000 stated principal amount of your notes):	• if the final index value is greater than the initial index value, $1,000 + the supplemental payment, subject to the maximum payment at maturity; or • if the final index value is equal to or less than the initial index value, $1,000.
Supplemental payment:	$1,000 × leverage factor × the index percent change, provided that in no event will the supplemental payment be less than $0
Leverage factor:	100%		Hypothetical Final Index Value (as Percentage of Initial Index Value)		Hypothetical Payment at Maturity (as Percentage of Stated Principal Amount)
Maximum payment at maturity (set on the pricing date):	at least $1,657.00 per note (at least 165.70% of the stated principal amount)		200.000%		165.700%
			190.000%		165.700%
			175.000%		165.700%
			170.000%		165.700%
			165.700%		165.700%
Index percent change:	(final index value - initial index value) / initial index value		120.000%		120.000%
			110.000%		110.000%
Initial index value:	the index closing value on the pricing date		100.000%		100.000%
Final index value:	the index closing value on the valuation date		75.000%		100.000%
CUSIP / ISIN:	40058LSW1 / US40058LSW18		50.000%		100.000%
Estimated value range:	$890 to $950 (which is less than the original issue price; see the accompanying preliminary pricing supplement)		30.000%		100.000%
			25.000%		100.000%
			0.000%		100.000%
			*assumes a maximum payment at maturity of $1,657.00

The amount that you will be paid on your notes 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.

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

If the final index value is equal to or less than the initial index value, you will receive the stated principal amount of your investment, without any positive return on your notes.

The notes are for investors who are willing to forgo interest payments for the potential to earn 100% of any positive return of the index, subject to the maximum payment at maturity, without participating in the negative return of the index.

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. 49, 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. 49, 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. 49, general terms supplement no. 17,745 and preliminary pricing supplement if you so request by calling (212) 357-4612.

The notes 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:

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. 49, 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. 17,745, “Additional Risk Factors Specific to the Securities” in the accompanying underlier supplement no. 49, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your notes are a riskier investment than ordinary debt securities. Also, your notes are not equivalent to investing directly in the underlying index stocks, i.e., the stocks comprising the underlying index to which your notes are linked. You should carefully consider whether the offered notes 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

Risks Related to Conflicts of Interest

Risks Related to Tax

The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,745:

Risks Related to Structure, Valuation and Secondary Market Sales

Risks Related to Conflicts of Interest

Risks Related to Tax

The following risk factors are discussed in greater detail in the accompanying underlier supplement no. 49:

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

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

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

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

For details about the license agreement between the underlying index publisher and the issuer, see “The Underliers – S&P 500® Index” on page S-130 of the accompanying underlier supplement no. 49.

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 notes, and you should consult your tax advisor.