Summary of Terms

Company (Issuer) and Guarantor:

GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor)

Market measure:

An equally weighted basket (the “basket”) comprised of the following basket components (each referred to as a “basket component,” and collectively as the “basket components”). For each basket component, its current Bloomberg ticker and weighting percentage are set forth below:

Basket Component

Current Bloomberg Ticker

Weighting Percentage

The common stock of Advanced Micro Devices, Inc.

AMD UW

50.00%

The common stock of Oracle Corporation

ORCL UN

50.00%

Pricing date:

expected to be July 30, 2026

Issue date:

expected to be August 4, 2026

Final calculation day:

expected to be July 30, 2029

Stated maturity date:

expected to be August 2, 2029

Starting level:

100

Basket closing level:

On any calculation day, the product of (i) 100 times (ii) the sum of (a) 1 plus (b) the sum of the products, as calculated for each basket component, of: (1) its basket component return on such day multiplied by (2) its weighting percentage.

Ending level:

the basket closing level on the final calculation day

Initial basket component price:

with respect to a basket component, the stock closing price of such basket component on the pricing date

Basket component return:

for any calculation day, the “basket component return” with respect to a basket component is the percentage change from its initial basket component price to its stock closing price on that day, measured as follows:

(stock closing price on such day – initial basket component price) / initial basket component price

Basket performance factor:

the ending level divided by the starting level (expressed as a percentage)

Automatic call:

If the basket closing level on any call date is greater than or equal to the starting level, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus a final contingent coupon payment and any previously unpaid contingent coupon payments. The securities will not be subject to automatic call until the January 2027 calculation day

Downside threshold level:

80% of the starting level

Buffer amount:

20%

Contingent coupon payment:

Subject to the automatic call, on each contingent coupon payment date, for each $1,000 of the outstanding face amount, you will receive a contingent coupon payment equal to at least $15.209 (equivalent to a contingent coupon rate of at least approximately 18.25% per annum) (set on the pricing date) if, and only if, the basket closing level on the related calculation day is greater than or equal to the coupon threshold level.

 In addition, if the basket closing level on one or more calculation days is less than the coupon threshold level and, on a subsequent calculation day, the basket closing level is greater than or equal to the coupon threshold level, on the contingent coupon payment date related to such subsequent calculation day you will receive the contingent coupon payment due for that subsequent calculation day plus all previously unpaid contingent coupon payments (without interest on amounts previously unpaid)

Coupon threshold level:

80% of the starting level

Call dates:

monthly; the calculation days commencing in January 2027 and ending in June 2029, inclusive

Call settlement date:

the contingent coupon payment date immediately following the applicable call date

Calculation days:

monthly, on the 28th day of each month, commencing August 2026 and ending June 2029, and the final calculation day

Contingent coupon payment dates:

monthly, on the third business day following each calculation day; provided that the contingent coupon payment date with respect to the final calculation day will be the stated maturity date

Maturity payment amount (for each $1,000 face amount of your securities):

CUSIP:

40054XRG5

Tax consequences:

See “Supplemental Discussion of U.S. Federal Income Tax Considerations” in the accompanying preliminary pricing supplement

Underwriting discount:

up to 2.325% of the face amount*; Wells Fargo Securities, LLC (“WFS”) is the agent for the distribution of the securities. WFS will receive the underwriting discount of up to 2.325% of the aggregate face amount of the securities sold. The agent may resell the securities to Wells Fargo Advisors (“WFA”) at the original issue price of the securities less a concession of 1.75% of the aggregate face amount of the securities. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a security WFA sells.