Form FWP GOLDMAN SACHS GROUP INC Filed by: GOLDMAN SACHS GROUP INC
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Free Writing Prospectus pursuant to Rule 433 dated June 12, 2026 / Registration Statement No. 333-284538 STRUCTURED INVESTMENTS – Opportunities in U.S. and International Equities GS Finance Corp. |
PLUS Based on the Value of a Basket Consisting of an Equity Index and Bond and Equity ETFs due December 30, 2026
Principal at Risk Securities
The Performance Leveraged Upside SecuritiesSM (PLUS) do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.
You should read the accompanying preliminary pricing supplement dated June 12, 2026, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.
KEY TERMS |
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Company (Issuer) / Guarantor: |
GS Finance Corp. / The Goldman Sachs Group, Inc. |
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Basket: |
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Underlying index: |
with respect to a basket ETF, the index tracked by such basket ETF |
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Pricing date: |
expected to price on or about June 29, 2026 |
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Original issue date: |
expected to be July 2, 2026 |
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Valuation date: |
expected to be December 23, 2026 |
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Stated maturity date: |
expected to be December 30, 2026 |
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Payment at maturity (for each $1,000 stated principal amount of your PLUS): |
• If the final basket value is greater than the initial basket value, $1,000 + the leveraged upside payment, subject to the maximum payment at maturity; or • If the final basket value is equal to or less than the initial basket value, $1,000 × the basket performance factor. |
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Leveraged upside payment: |
$1,000 × leverage factor × basket percent change |
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Leverage factor: |
200.00% |
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Maximum payment at maturity (set on the pricing date): |
at least $1,069.00 per PLUS (at least 106.90% of the stated principal amount) |
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Basket percent change: |
(final basket value - initial basket value) / initial basket value |
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Initial basket value: |
100 |
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Final basket value: |
the basket closing value on the valuation date |
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Basket closing value: |
the basket closing value on any day is the sum of the products of the basket component closing value of each basket component times the applicable multiplier for such basket component on such date. |
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Basket component closing value: |
in the case of each basket component, the closing value of such basket component. |
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Multiplier: |
Each multiplier will be set on the pricing date based on the applicable basket component’s respective initial basket component value so that each basket component will represent its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the PLUS and will equal, for each basket component, (i) the product of the applicable basket component weighting times 100 divided by (ii) the applicable initial basket component value. |
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Basket performance factor: |
final basket value / initial basket value |
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CUSIP / ISIN: |
40054RZ79 / US40054RZ794 |
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Estimated value range: |
$905 to $965 (which is less than the original issue price; see the accompanying preliminary pricing supplement) |
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PLUS Payoff Diagram* |
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Hypothetical Final Basket Value (as Percentage of Initial Basket Value) |
Hypothetical Payment at Maturity (as Percentage of Stated Principal Amount) |
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175.000% |
106.900% |
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150.000% |
106.900% |
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110.000% |
106.900% |
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103.450% |
106.900% |
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102.000% |
104.000% |
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101.000% |
102.000% |
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100.000% |
100.000% |
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75.000% |
75.000% |
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50.000% |
50.000% |
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25.000% |
25.000% |
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0.000% |
0.000% |
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* assumes a maximum payment at maturity of $1,069.00.
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the basket components (including historical basket component closing values), the terms of the PLUS and certain risks.
About Your PLUS |
The amount that you will be paid on your PLUS at stated maturity is based on the performance of a weighted basket composed of the Invesco S&P 500® Equal Weight ETF (20.00% weighting), the iShares® 20+ Year Treasury Bond ETF (20.00% weighting), the iShares® Biotechnology ETF (15.00% weighting), the iShares® MSCI India ETF (15.00% weighting), the EURO STOXX 50® Index (10.00% weighting), the State Street® Financial Select Sector SPDR® ETF (10.00% weighting) and the VanEck Gold Miners ETF (10.00% weighting), as measured from the pricing date to and including the valuation date.
The return on your PLUS is linked, in part, to the performances of each of the Invesco S&P 500® Equal Weight ETF, the iShares® 20+ Year Treasury Bond ETF, the iShares® Biotechnology ETF, the iShares® MSCI India ETF, the State Street® Financial Select Sector SPDR® ETF and the VanEck Gold Miners ETF (each, an underlying ETF), and in each case not to that of the index on which such underlying ETF is based.
The initial basket value is 100, and the final basket value (the basket closing value on the valuation date) will equal the sum of the products, as calculated separately for each basket component, of: (i) the basket component closing value of such basket component on the valuation date multiplied by (ii) its multiplier. The multiplier will equal, for each basket component, the quotient of (i) the weighting of such basket component multiplied by 100 divided by (ii) its initial basket component value.
At maturity, if the final basket value is greater than the initial basket value of 100, the return on your PLUS will be positive and equal to the product of the leverage factor multiplied by the basket percent change, subject to the maximum payment at maturity. If the final basket value is less than the initial basket value, you will lose a portion of your investment. Declines in one or more basket components may offset increases in the other basket components. Due to the unequal weighting of each basket component, the performances of the basket components with greater weights will have a significantly larger impact on the return on your PLUS than the performances of the basket components with lesser weights.
The PLUS are for investors who seek the potential to earn 200% of any positive return of the basket, subject to the maximum payment at maturity, are willing to forgo interest payments and are willing to risk losing their entire investment if the final basket value has declined from the initial basket value.
GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, underlier supplement no. 48, general terms supplement no. 17,745 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, underlier supplement no. 48, general terms supplement no. 17,745 and preliminary pricing supplement and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, underlier supplement no. 48, general terms supplement no. 17,745 and preliminary pricing supplement if you so request by calling (212) 357-4612.
The PLUS are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the basket components (including historical basket component closing values), the terms of the PLUS and certain risks.
RISK FACTORS |
An investment in the PLUS is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,745, accompanying underlier supplement no. 48, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full “Risk Factors” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 17,745, “Additional Risk Factors Specific to the Securities” in the accompanying underlier supplement no. 48, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your PLUS are a riskier investment than ordinary debt securities. Also, your PLUS are not equivalent to investing directly in the basket component securities, i.e., with respect to a basket component to which your PLUS are linked, the securities comprising such basket component. You should carefully consider whether the offered PLUS are appropriate given your particular circumstances.
The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Related to Structure, Valuation and Secondary Market Sales
Risks Related to Conflicts of Interest
Additional Risks Related to the Basket ETFs
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the basket components (including historical basket component closing values), the terms of the PLUS and certain risks.
Additional Risks Related to the iShares® MSCI India ETF, the VanEck Gold Miners ETF and the EURO STOXX 50® Index
Additional Risks Related to the iShares® MSCI India ETF and the VanEck Gold Miners ETF
Additional Risks Related to the iShares® 20+ Year Treasury Bond ETF
Additional Risks Related to the iShares® Biotechnology ETF
Additional Risks Related to the State Street® Financial Select Sector SPDR® ETF
Additional Risks Related to the VanEck Gold Miners ETF
Risks Related to Tax
The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,745:
Risks Related to Structure, Valuation and Secondary Market Sales
Risks Related to Conflicts of Interest
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the basket components (including historical basket component closing values), the terms of the PLUS and certain risks.
Risks Related to Tax
The following risk factors are discussed in greater detail in the accompanying underlier supplement no. 48:
Additional Risks Relating to Securities Linked to Underliers that are Equity Indices
Additional Risks Relating to Securities Linked to Underliers Denominated in Foreign Currencies or that Contain Foreign Stocks
The following risk factors are discussed in greater detail in the accompanying prospectus supplement:
The following risk factors are discussed in greater detail in the accompanying prospectus:
Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements
For details about the license agreement between the basket component publisher for the EURO STOXX 50® Index and the issuer, see “The Underliers – the EURO STOXX 50® Index” on page S-36 of the accompanying underlier supplement no. 48.
TAX CONSIDERATIONS |
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Supplemental Discussion of U.S. Federal Income Tax Consequences” concerning the U.S. federal income tax consequences of an investment in the PLUS, and you should consult your tax advisor.
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the PLUS without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the basket components (including historical basket component closing values), the terms of the PLUS and certain risks.