GS Finance Corp. filed a Free Writing Prospectus on October 29, 2026, disclosing the terms of Contingent Income Auto-Callable Securities linked to a common share of Ferrari N.V., with a stated maturity date expected to be November 9, 2029.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the guarantor of the unsecured notes.
  • Underlying stock: The securities are based on a common share of Ferrari N.V. (Bloomberg ticker: "RACE UN").
  • Contingent quarterly coupon: At least $27.25 per $1,000 principal amount per quarter, payable only if the underlying stock closes at or above the downside threshold price on the applicable coupon observation date.
  • Downside threshold price: 70.00% of the initial share price, set on the pricing date, expected on or about November 6, 2026.
  • Automatic call feature: Securities are called if the underlying stock closes at or above the initial share price on any call observation date, from February 8, 2027 through August 6, 2029.
  • Estimated value range: $910 to $970 per $1,000 original issue price, as disclosed in the filing.
  • CUSIP / ISIN: 40058MMG0 / US40058MMG05, part of the Medium-Term Notes, Series F program.

Structure and Payment Terms of the Ferrari-Linked Notes

According to the filing, GS Finance Corp. is offering Contingent Income Auto-Callable Securities linked to the performance of a common share of Ferrari N.V. The original issue date is expected to be November 12, 2026, and the securities are scheduled to mature on November 9, 2029, unless automatically called earlier. The filing notes that the initial share price will be set as the closing price of Ferrari N.V. shares on the pricing date, expected on or about November 6, 2026.

The filing describes a contingent quarterly coupon of at least $27.25 per $1,000 principal amount, paid only when the underlying stock closes at or above the downside threshold price of 70.00% of the initial share price on the relevant coupon observation date. If the stock closes below that threshold on a given observation date, the coupon for that period is $0.00. The securities feature twelve coupon observation dates, running from February 8, 2027 through November 6, 2029, with corresponding payment dates. At maturity, if the final share price is at or above the downside threshold price, the holder receives $1,000 plus the final coupon. If the final share price is below the threshold, the payment equals $1,000 multiplied by the share performance factor, which the filing defines as the final share price divided by the initial share price.

The filing states that the estimated value of the securities at the time terms are set is in the range of $910 to $970, which it notes "is less than the original issue price." The filing explicitly warns that investors "may lose their entire investment" if the final share price falls below the downside threshold price. It also states that the securities "are not equivalent to investing directly in the underlying stock" and that holders "will not participate in any appreciation of the underlying stock." Registration Statement No. 333-284538 covers this offering, and the filing references a preliminary pricing supplement dated October 28, 2026.

What Was Disclosed

GS Finance Corp. disclosed the key terms of structured notes linked to Ferrari N.V. shares, including coupon conditions, an automatic call feature, a 70.00% downside threshold, an estimated value range of $910 to $970 per $1,000 principal, and principal-at-risk provisions, in a Free Writing Prospectus dated October 29, 2026.