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Goldman Sachs Finance Corp has filed a prospectus supplement for Autocallable EURO STOXX 50® Index-Linked Notes due 2030, guaranteed by The Goldman Sachs Group. The notes feature:

• Automatic Call Feature: Notes will be automatically called if the EURO STOXX 50 Index closes at or above initial level on June 30, 2027, paying $1,168.50 per $1,000 face amount
• Maturity Payment Structure: If not called early, payment at maturity will be $1,000 plus 100% participation in any index gains; principal protected if index declines
• Key Dates: Trade date June 30, 2025; Maturity date July 5, 2030
• Pricing: Original issue price 100% with 2.2% underwriting discount (including 2% selling concession and 0.2% structuring fee)
• Estimated Value: $885-$915 per $1,000 face amount, below issue price, reflecting Goldman's pricing models and credit spreads

Notes are not FDIC insured and subject to credit risk of GS Finance Corp and Goldman Sachs Group as guarantor.

Goldman Sachs Finance Corp announces Autocallable Contingent Coupon Equity-Linked Notes due 2028, guaranteed by Goldman Sachs Group. The notes are linked to NVIDIA stock performance with a 3-year term. Key features include monthly contingent coupons of $9.25 (0.925% monthly/11.10% p.a.) if NVIDIA closes at/above 50% of initial level, automatic call feature if NVIDIA closes at/above initial level, and principal protection at 50% buffer level. If NVIDIA falls below buffer at maturity, investors face 1:1 losses. Notes priced at $1,000 face value with estimated value of $925-$955. Trading starts June 26, 2025, with maturity on June 29, 2028. Notes carry credit risk of both GS Finance Corp and Goldman Sachs Group.

Goldman Sachs Finance Corp has filed a prospectus supplement for Autocallable S&P 500 Index-Linked Notes due 2030, guaranteed by The Goldman Sachs Group. Key features include:

• Automatic Call Feature: Notes will be automatically called if the S&P 500 Index closes at or above initial level on July 6, 2026, paying $1,083 per $1,000 face amount
• Maturity Payment Structure: If not called early: - Above initial level: $1,000 + (100% upside participation) - Between 70-100% of initial level: $1,000 principal protected - Below 70%: Losses of 1% for each 1% decline beyond 30% buffer
• Key Dates: Trade date July 3, 2025; Maturity July 11, 2030
• Estimated Value: $885-$935 per $1,000 face amount, below issue price

Notes carry significant risk including potential loss of principal and credit risk of Goldman Sachs. No interest payments are made during the term.

Goldman Sachs Finance Corp has filed a Free Writing Prospectus for Contingent Income Callable Securities linked to the worst-performing of the S&P 500, Russell 2000, and Nasdaq-100 indices, due June 29, 2027. The securities offer:

• Quarterly contingent coupon of at least $26.25 per $1,000 principal if all indices stay above threshold levels
• Early redemption option starting December 30, 2025
• 75% downside threshold level for each index
• Principal at risk: investors could lose significant portion if any index falls below threshold

Key risks include potential loss of entire investment, credit risk of issuer/guarantor, and no participation in index appreciation. The estimated value range is $920-$980, below the issue price. The securities target investors seeking enhanced yield while accepting significant downside risk tied to multiple market indices.

Goldman Sachs Finance Corp has filed a prospectus supplement for Contingent Income Callable Securities linked to the worst-performing of the S&P 500, Russell 2000, and Nasdaq-100 indices, due June 29, 2027. The securities are guaranteed by Goldman Sachs Group.

Key features include:

• Principal Amount at Risk Securities with 2-year maturity
• Contingent quarterly coupon of at least $26.25 per $1,000 principal if all indices stay above 75% threshold
• Early redemption available at issuer's discretion from December 2025
• Downside risk if any index falls below 75% of initial value at maturity
• Estimated value range of $920-$980 per security, below issue price of $1,000

The securities offer higher potential yields in exchange for significant risks, including possible loss of principal and missed coupon payments if any index performs poorly. Investors do not participate in index appreciation beyond coupon payments.

Goldman Sachs (GS) Free Writing Prospectus � Market-Linked Securities

The filing describes an offering of S&P 500-linked Medium-Term Notes, Series F, issued by GS Finance Corp. and fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. Key economic terms are as follows:

• Tenor: approximately 2 years (issue expected 1 Jul 2025; maturity expected 1 Jul 2027).
• Upside: 100 % participation in any positive index return, capped at a maximum return of at least 14.35 % ($1,143.50 per $1,000 note).
• Downside: 1-to-1 exposure to the first 10 % decline in the S&P 500; investor may lose up to 10 % of principal. A minimum payment of $900 provides a limited buffer.
• Coupon: none; the notes are non-interest-bearing.
• Estimated value: $925 –â€�$955 per $1,000 face amount at pricing, below the $1,000 issue price.
• Underwriting discount: up to 2.575 %, with selling concessions to Wells Fargo Advisors of 2.00 % and a 0.075 % distribution expense fee.
• Market measure: S&P 500 Index; starting level set on 26 Jun 2025; ending level observed on 28 Jun 2027.
• CUSIP: 40058JFK6.

The securities carry the credit risk of both GS Finance Corp. and the parent guarantor, offer no equity ownership rights, and may trade at prices influenced by volatility, interest rates and issuer credit spreads. Investors should review the referenced preliminary pricing supplement, product supplement no. 5, underlier supplement no. 44, prospectus supplement and base prospectus for full terms and risk disclosures.

GS Finance Corp., fully guaranteed by The Goldman Sachs Group, Inc., is offering $1.001 million aggregate face amount of Callable S&P 500 Futures Excess Return Index-Linked Notes due June 24, 2030 (CUSIP 40058JD85). The notes pay no periodic interest.

Payoff profile: if not called early, holders receive at maturity (i) 3.9 × index return when the final level exceeds the initial level of 496.78, (ii) full principal if the final level is between 65% and 100% of the initial level, or (iii) a loss of 1% for each 1% decline beyond the 65% trigger, exposing investors to up to 100% loss of principal.

Issuer call right: beginning June 23 2026 and on 47 subsequent monthly dates, the issuer may redeem the notes at 100% face value plus a call premium that starts at 13.0008% and steps up to 63.9206% by May 23 2030. Notice must be given at least 10 business days before the relevant call date.

Pricing & liquidity: issue price equals 100% of face; underwriting discount is 1.375%, yielding net proceeds of 98.625%. The estimated value at pricing is $935 per $1,000, reflecting dealer margins and Goldman’s credit spreads. GS&Co. may make markets but is not obligated to do so, and secondary prices before September 17 2025 will include an additional premium that amortizes to zero.

Key risks: credit risk of GS Finance Corp./Goldman Sachs, early-call reinvestment risk, leverage to futures-based underlier rather than the cash S&P 500, no interest income, and potential illiquidity. The notes are unsecured, unsubordinated obligations and are not FDIC-insured.