Free Writing Prospectus (Form FWP)

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 weighting percentage also is set forth below:

Pricing date:

expected to be May 15, 2026

Issue date:

expected to be May 20, 2026

Final calculation day:

expected to be November 15, 2028

Stated maturity date:

expected to be November 20, 2028

Starting level:

100

Average ending level:

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 average basket component return multiplied by (2) its weighting percentage

Average basket return:

average ending level - starting level

starting level

Initial basket component level:

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

Average basket component level:

with respect to a basket component, the arithmetic average of the closing levels of such basket component on the calculation days

Average basket component return:

with respect to a basket component, its "average basket component return" is the percentage change from its initial basket component level to its average basket component level, measured as follows:

average basket component level - initial basket component level

initial basket component level

Upside participation rate:

at least 100%

Calculation days:

quarterly, on the 15th day of each February, May, August and November, commencing August 2026 and ending August 2028, and the final calculation day

Payment amount at maturity (for each $1,000 face amount of your notes):

$1,000 × average basket return × upside participation rate; or

CUSIP:

40059DNQ6

Tax consequences:

See "Supplemental Discussion of U.S. Federal Income Tax Consequences" in the accompanying preliminary pricing supplement

Underwriting discount:

up to 3.075% of the face amount*; Wells Fargo Securities, LLC ("WFS") is the agent for the distribution of the notes. WFS will receive the underwriting discount of up to 3.075% of the aggregate face amount of the notes sold. The agent may resell the notes to Wells Fargo Advisors ("WFA") at the original issue price of the notes less a concession of 2.00% of the aggregate face amount of the notes. 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.