Goldman Sachs Launches S&P 500-Linked Market Notes

Goldman Sachs Group Inc. has filed a preliminary pricing supplement for a new series of market-linked notes tied to the performance of the S&P 500® Index. These notes, issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc., are set to offer investors exposure to the index's positive returns, up to a maximum return. The notes will mature on October 16, 2031, with a determination date of October 14, 2031, and an original issue date of October 16, 2026.

The notes provide a participation rate between 50.80% and 55.80%, with a maximum settlement amount ranging from $1,508.00 to $1,558.00 per $1,000 face amount. The estimated value of the notes at the time of pricing is expected to be between $885 and $925 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.

Investors should be aware that the notes carry significant risks, including credit risk associated with GS Finance Corp. and The Goldman Sachs Group, Inc. The notes are not bank deposits, not insured by the Federal Deposit Insurance Corporation, and are not obligations of any bank. The Securities and Exchange Commission has not approved or disapproved of these securities.

The notes will be sold initially at an original issue price of 100.00% of the face amount, with an underwriting discount of 3.50% and net proceeds to the issuer of 96.50% of the face amount. Goldman Sachs & Co. LLC and UBS Financial Services Inc. are the selling agents for this offering.