Goldman Sachs Files Preliminary Pricing Supplement for Alibaba-Linked Notes

Goldman Sachs Group Inc. has filed a preliminary pricing supplement for its Autocallable Contingent Coupon Equity-Linked Notes due 2029, guaranteed by The Goldman Sachs Group, Inc. The notes, issued by GS Finance Corp., are linked to the performance of an American depositary share (ADS) of Alibaba Group Holding Limited (ticker: “BABA UN”). The initial underlier level will be set on the trade date, which is October 15, 2026, with the original issue date set for October 20, 2026.

The notes offer a contingent quarterly coupon of at least $45 (4.5% quarterly, or up to 18% annually) if the closing level of the underlier is at or above the coupon trigger level, which is 75% of the initial underlier level. The notes also feature an automatic call provision: if the underlier's closing level meets or exceeds the initial underlier level on any call observation date, the notes will be automatically called, and investors will receive $1,000 per $1,000 face amount, along with the coupon due.

The payment at maturity depends on the underlier's performance. If the final underlier level is at or above the trigger buffer level (also 75% of the initial underlier level), investors receive $1,000 per $1,000 face amount. If the level is below the trigger buffer, investors receive $1,000 plus the underlier return. The stated maturity date is October 3, 2029.

Goldman Sachs & Co. LLC is the calculation agent for the notes, with the estimated value ranging from $925 to $955 per $1,000 face amount. The original issue price is 100% of the face amount, with a 2% underwriting discount, leaving 98% as net proceeds to the issuer. The notes are not bank deposits, are not insured by any governmental agency, and are not obligations of a bank.