Goldman Sachs Launches New Index-Linked Notes with Contingent Coupons

Goldman Sachs Group Inc. has announced the details of a new financial product, the $Callable Contingent Coupon Index-Linked Notes due 2028, guaranteed by The Goldman Sachs Group, Inc. These notes, issued by GS Finance Corp., are set to be available starting October 15, 2026, with a trade date of October 9, 2026.

The notes are linked to the performance of three major indices: the Nasdaq-100 Index, the Russell 2000 Index, and the S&P 500 Index. The payment at maturity is based on the underlier with the lowest return, and investors could lose their entire investment if the final underlier level of any underlier is less than its trigger buffer level. The coupon payments are contingent on the closing levels of each underlier being greater than or equal to their coupon trigger levels on the related coupon observation dates.

Goldman Sachs has the option to redeem the notes at any coupon payment date commencing in January 2027. The estimated value of the notes on the trade date is between $925 to $955 per $1,000 face amount, which is less than the original issue price. The notes are not bank deposits, not insured by the Federal Deposit Insurance Corporation, and are not obligations of or guaranteed by a bank.

The notes will have a monthly coupon payment of $9.334 (0.9334% monthly, or up to approximately 11.20% per annum) if the closing level of each underlier on the related coupon observation date is greater than or equal to its coupon trigger level. The stated maturity date for the notes is September 14, 2028.