Goldman Sachs Files Details for Buffered S&P 500 Linked Notes Due 2028

Goldman Sachs Group Inc. has filed a preliminary pricing supplement for its Buffered S&P 500® Index-Linked Notes due in 2028, guaranteed by The Goldman Sachs Group, Inc. The notes, issued by GS Finance Corp., are designed to provide a buffered return linked to the performance of the S&P 500® Index. The payment at maturity will depend on the index's performance from the trade date to the determination date, with a 20% buffer level set to protect against minor losses.

The notes do not bear interest and have a maximum upside settlement amount of $1,225 per $1,000 face value. If the final underlier level is greater than or equal to the initial level, investors will receive a return equal to the index's performance, capped at the maximum upside. If the index declines by up to 20%, investors will receive a positive return equal to the absolute value of the decline. However, if the index declines by more than 20%, investors will lose 1% of the face amount for every 1% the index falls below the buffer level.

The key terms of the notes include a trade date set for October 30, 2026, an original issue date of November 4, 2026, and a stated maturity date of November 2, 2028. The estimated value of the notes is between $925 to $965 per $1,000 face amount, which is less than the original issue price. The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully guaranteed by The Goldman Sachs Group, Inc.

The filing emphasizes that the information is preliminary and subject to change, and it is not an offer to sell or seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.