Goldman Sachs Files Pricing Supplement for Structured Notes Linked to S&P 500 Futures Index

Goldman Sachs Group Inc. has filed a preliminary pricing supplement for a new structured financial product tied to the S&P 500® Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER. The notes, issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc., are set to mature on November 3, 2031, with potential automatic calls starting in April 2027. The notes offer a variable return based on the performance of the underlying index, with coupons of 1.25% monthly (up to 15% annually) if the index meets certain conditions.

The index, which adjusts exposure to the S&P 500® Futures Excess Return Index, includes a daily decrement of 6.0% per annum and is subject to significant leverage risks. Investors should be aware that the use of leverage will magnify negative performance, and the index's daily decrement can worsen returns. The notes' value at maturity depends on the index's performance, with a minimum payout of 60% of the face amount if the index falls below 60% of its initial level.

The notes are expected to be issued on October 30, 2026, with an original issue price of 100% of the face amount. The estimated value of the notes at the time of issuance is projected to be between $885 and $935 per $1,000 face amount. Goldman Sachs & Co. LLC will act as the underwriter, and the notes are not bank deposits, insured, or obligations of any governmental agency.

Investors are advised to carefully read the disclosure to understand the terms and risks, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc., as well as the risks associated with the index's leverage and decrement features.