GS Finance Corp. filed a Free Writing Prospectus on November 2, 2026, disclosing two separate offerings of Buffered Index-Linked Notes tied to the EURO STOXX 50 Index and the S&P 500 Futures Excess Return Index, both with an expected maturity in November 2031.

Key Highlights

  • Two distinct tranches: One note is linked to the EURO STOXX 50 Index (CUSIP 40058MPN2) and one to the S&P 500 Futures Excess Return Index (CUSIP 40058MPP7).
  • Participation rates: The EURO STOXX 50-linked note carries a participation rate of at least 157.5%; the S&P 500 Futures Excess Return Index-linked note carries a participation rate of at least 200%.
  • Buffer protection varies by tranche: The EURO STOXX 50 note has a 25% buffer amount (buffer level at 75% of initial underlier level); the S&P 500 Futures note has a 20% buffer amount (buffer level at 80% of initial underlier level).
  • Estimated value below issue price: Both tranches carry an estimated value range of $885 to $935 per $1,000 face amount, which the filing states is less than the original issue price.
  • No interest payments: According to the filing, the notes do not bear interest.
  • Expected key dates: Trade date is expected to be November 20, 2026; settlement date November 25, 2026; stated maturity date November 25, 2031.
  • Issuer and guarantor: The notes are unsecured obligations of GS Finance Corp., part of its Medium-Term Notes, Series F program, and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

Terms and Payout Structure of GS Finance Corp.'s Two Buffered Note Offerings

According to the filing, the repayment amount at maturity for each $1,000 face amount depends on where the final underlier level falls relative to the initial underlier level. If the underlier finishes above its initial level, the investor receives $1,000 plus the product of $1,000, the applicable participation rate, and the underlier return. If the underlier finishes at or below the initial level but at or above the buffer level, the investor receives $1,000. If the underlier falls below the buffer level, the investor receives the sum of $1,000 and the product of the combined underlier return plus buffer amount multiplied by $1,000. The filing states that investors "could lose a significant portion of the face amount" of their notes.

The two tranches differ in their underlier characteristics. The S&P 500 Futures Excess Return Index tranche, bearing CUSIP 40058MPP7, tracks E-mini S&P 500 futures contracts. The filing notes that this index "tracks the performance of E-mini S&P 500 futures contracts, not the S&P 500 Index," and that "the return on an investment in a futures contract is correlated with, but not the same as, the return on buying and holding the securities underlying such contract." The EURO STOXX 50 tranche, bearing CUSIP 40058MPN2, uses the closing or intra-day level of the EURO STOXX 50 Index on the trade date as its initial underlier level.

The filing references a preliminary pricing supplement dated October 30, 2026, along with general terms supplement no. 17,745, an October 2026 S&P 500 Futures Excess Return Index supplement, underlier supplement no. 50, and prospectus documents dated February 14, 2025. Investors are directed to those documents for complete information on the terms, risks, and credit risk of both GS Finance Corp. and The Goldman Sachs Group, Inc. Registration Statement No. 333-284538 covers the offerings. NYSE:GS is the exchange and ticker for The Goldman Sachs Group, Inc. as identified in the filing context.

What Was Disclosed

GS Finance Corp. disclosed the key terms of two Buffered Index-Linked Note offerings via a Free Writing Prospectus dated November 2, 2026. The notes are unsecured, bear no interest, and carry principal risk below their respective buffer levels, with maturities expected in November 2031.