Primary Offering Prospectus (Form 424B2)

Filed Pursuant to Rule 424(b)(2)

Registration Statement No. 333-284538

The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

You will not be able to purchase the put warrants unless you have an options-approved account. The amount that you will be paid on your put warrants on the payment date (expected to be January 20, 2027) is based on the performance of the Roundhill Memory ETF (ETF) as measured from September 14, 2026 (the date the initial ETF level was set) to and including the expiration date (expected to be January 14, 2027). The initial ETF level is $55.34 (which is an intra-day level of the ETF set on September 14, 2026 and may be higher or lower than the closing level of the ETF on the trade date). There is no minimum payment on the put warrants.

The ETF is actively managed and is subject to additional risks. Unlike a passively-managed ETF, an actively-managed ETF does not attempt to track an index or other benchmark, and the investment decisions for an actively-managed ETF are instead made by its investment advisor. For more information, see "Additional Risk Factors Specific to Your Warrants - An Investment in the Warrants Is Subject To Risks Associated With Actively-Managed ETFs" on page S-19 of this prospectus supplement.

On the payment date, the put warrants either will be automatically exercised or will expire worthless and for each put warrant you will receive an amount in cash, if any, as follows:

Even if the final ETF level is less than the strike level, you will lose a portion of your initial investment in the put warrants unless the ETF return (calculated as described above) is greater than the option premium amount expressed as a percentage of the $1,000 notional amount. See "Breakeven Analysis" on the next page for more information.

Investing in the put warrants involves a high degree of risk, including the possibility that the put warrants will expire worthless and that you will lose all of your initial investment in the put warrants.

The put warrants may not be exercised by either you or us prior to the applicable expiration date.

You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page S-13.

The estimated value of your put warrants at the time the terms of your put warrants are set on the trade date is expected to be between 92.5% and 95.5% of the option premium amount, which equals $ per option premium amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLC would initially buy or sell your put warrants, if it makes a market in the put warrants, see the following page.

Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. The put warrants are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

Goldman Sachs & Co. LLC

Prospectus Supplement No. dated , 2026.

Breakeven Analysis

Should you decide to invest in any put warrant offered hereby, you will pay an option premium. The option premium amount represents the option premium percentage, which is 5.75% of the $1,000 notional amount. You will break even on your investment, meaning that you will receive an amount in cash for your put warrants on the payment date equal to at least the initial option premium amount, if the final ETF level is equal to the breakeven level of 74.25% of the initial ETF level.

If the final ETF level is equal to or greater than the strike level, the put warrants will expire worthless and your payment amount will be $0. Because the strike level is less than the initial ETF level, even if the final ETF level is equal to the initial ETF level, the put warrants will expire worthless and your payment amount will be $0. Even if the final ETF level is less than the strike level, your return on the put warrants will also be negative unless the final ETF level declines below the breakeven level (i.e., your return on the put warrants will be negative unless the ETF return (calculated as defined on the cover) is greater than the option premium percentage). Your return on the put warrants will be positive only if the final ETF level is less than the breakeven level.

Minimum Purchase Amount

In connection with the initial offering of the warrants, the minimum number of warrants that may be purchased by any investor is 18, resulting in an aggregate minimum option premium amount per investor of $1,035.

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The issue price, underwriting discount and net proceeds listed above relate to the warrants we sell initially. We may decide to sell additional warrants after the date of this prospectus supplement, at issue prices and with underwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in warrants will depend in part on the issue price you pay for such warrants.

GS Finance Corp. may use this prospectus in the initial sale of the warrants. In addition, Goldman Sachs & Co. LLC or any other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a warrant after its initial sale. Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being used in a market-making transaction.

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TERMS AND CONDITIONS

(Terms From Prospectus Supplement No. Incorporated Into Master Warrant No. 1)

CUSIP / ISIN: 362273DD3 / US362273DD30

Company (Issuer): GS Finance Corp.

Guarantor: The Goldman Sachs Group, Inc.

Underlier: the Roundhill Memory ETF (current Bloomberg symbol: "DRAM UF Equity"), or any successor underlier, as it may be modified, replaced or adjusted from time to time as provided herein

Number of warrants:

Notional amount: $1,000 per warrant; $ in the aggregate on the original issue date; the aggregate notional amount may be increased if the company, at its sole option, decides to sell an additional amount on a date subsequent to the trade date.

Premium amount: $57.5 per warrant; $ in the aggregate on the original issue date; the aggregate premium amount may be increased if the company, at its sole option, decides to sell an additional amount on a date subsequent to the trade date.

Authorized denominations: one warrant equivalent to $57.5 or any integral multiple in excess thereof

Principal amount: On the payment date, the company will pay, for each outstanding warrant, an amount in cash, if any, equal to the cash settlement amount.

Automatic exercise: as measured on the expiration date, if the final underlier level is less than the strike level, then the outstanding premium amount will be automatically exercised in whole and the company will pay an amount in cash on the payment date, for each warrant, equal to the cash settlement amount. The warrant may not be exercised prior to the expiration date.

Expire worthless: as measured on the expiration date, if the final underlier level is equal to or greater than the strike level, the warrant will expire worthless on the payment date and the cash settlement amount will be $0.

Cash settlement amount:

Initial underlier level: $55.34 (which is an intra-day level of the underlier set on September 14, 2026 and may be higher or lower than the closing level of the underlier on the trade date)

Final underlier level: the closing level of the underlier on the expiration date, subject to adjustment as provided in "- Consequences of a market disruption event or a non-trading day" and "- Discontinuance or modification of the underlier" below

Strike level: 80% of the initial underlier level

Underlier return: the quotient of (i) the strike level minus the final underlier level divided by (ii) the initial underlier level, expressed as a percentage

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Trade date:

Original issue date (set on the trade date): expected to be the second scheduled business day following the trade date

Expiration date (set on the trade date): expected to be January 14, 2027, unless the calculation agent determines that a market disruption event occurs or is continuing on such day or such day is not a trading day. In that event, the expiration date will be the first following trading day on which the calculation agent determines that a market disruption event does not occur and is not continuing. However, the expiration date will not be postponed to a date later than the originally scheduled payment date or, if the originally scheduled payment date is not a business day, later than the first business day after the originally scheduled payment date. If a market disruption event occurs or is continuing on the day that is the last possible expiration date or such last possible day is not a trading day, that day will nevertheless be the expiration date.

Payment date (set on the trade date): expected to be January 20, 2027, unless that day is not a business day, in which case the payment date will be postponed to the next following business day. The payment date will also be postponed if the expiration date is postponed as described under "- Expiration date" above. In such a case, the payment date will be postponed by the same number of business day(s) from but excluding the originally scheduled expiration date to and including the actual expiration date.

Closing level: on any trading day, the closing sale price or last reported sale price, regular way, for such underlier, on a per-share or other unit basis:

If the underlier is not listed or traded as described above, then the closing level for such underlier on any day will be the average, as determined by the calculation agent, of the bid prices for such underlier obtained from as many dealers in such underlier selected by the calculation agent as will make those bid prices available to the calculation agent. The number of dealers need not exceed three and may include the calculation agent or any of its or the company's affiliates.

The closing level of the underlier is subject to adjustment as described under "- Anti-dilution adjustments" below.

Trading day: a day on which (i) the exchange on which the underlier has its primary listing is open for trading and (ii) the price of one share of the underlier is quoted by the exchange on which such underlier has its primary listing

Successor underlier: any substitute underlier approved by the calculation agent as a successor underlier as provided under "- Discontinuance or modification of the underlier" below

Underlier investment advisor: at any time, the person or entity, including any successor investment advisor or trustee, as applicable, that serves as an investment advisor or trustee to the underlier as then in effect

Underlier stocks: at any time, the stocks that comprise the underlier as then in effect, after giving effect to any additions, deletions or substitutions

Market disruption event: With respect to any given trading day, any of the following will be a market disruption event with respect to the underlier:

and, in the case of any of these events, the calculation agent determines in its sole discretion that such event could materially interfere with the ability of the company or any of its affiliates or a similarly situated person to unwind all or a material portion of a hedge that could be effected with respect to this warrant.

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The following events will not be market disruption events:

For this purpose, an "absence of trading" in the primary securities market on which shares of the underlier are traded, or on which option or futures contracts, if available, relating to the underlier are traded, will not include any time when that market is itself closed for trading under ordinary circumstances. In contrast, a suspension or limitation of trading in shares of the underlier or in option or futures contracts, if available, relating to the underlier in the primary market for that underlier or those contracts, by reason of:

will constitute a suspension or material limitation of trading in shares of the underlier or those contracts in that market.

Consequences of a market disruption event or a non-trading day: If a market disruption event occurs or is continuing on a day that would otherwise be the expiration date, or such day is not a trading day, then the expiration date will be postponed as described under "- Expiration date" above.

If the calculation agent determines that the closing level of the underlier that must be used to determine the cash settlement amount is not available on the last possible expiration date because of a market disruption event, a non-trading day or for any other reason (other than as described under "- Discontinuance or modification of the underlier" below), then the calculation agent will nevertheless determine the closing level of the underlier based on its assessment, made in its sole discretion, of the level of the underlier on that day.

Discontinuance or modification of the underlier: If the underlier is delisted from the exchange on which the underlier has its primary listing and the underlier investment advisor or anyone else publishes a substitute underlier that the calculation agent determines is comparable to the underlier and approves as a successor underlier, or if the calculation agent designates a substitute underlier, then the calculation agent will determine the amount payable on the payment date by reference to such successor underlier.

If the calculation agent determines that the underlier is delisted or withdrawn from the exchange on which the underlier has its primary listing and there is no successor underlier, the calculation agent will determine the amount payable on the payment date by a computation methodology that the calculation agent determines will as closely as reasonably possible replicate the underlier or reflect the investment objective of the underlier.

If the calculation agent determines that the underlier, the underlier stocks or the method of calculating the underlier is changed at any time in any respect - including any split or reverse split of the underlier, a material change in the investment objective of the underlier and any addition, deletion or substitution and any reweighting or rebalancing of the underlier stocks and whether the change is made by the underlier investment advisor under its existing policies or following a modification of those policies, is due to the publication of a successor underlier, is due to events affecting one or more of the underlier stocks or their issuers or is due to any other reason -then the calculation agent will be permitted (but not required) to make such adjustments in the underlier or the method of its calculation as it believes are appropriate to ensure that the final underlier level, used to determine the amount payable on the payment date, is equitable.

All determinations and adjustments to be made by the calculation agent with respect to the underlier may be made by the calculation agent in its sole discretion. The calculation agent is not obligated to make any such adjustments.

Anti-dilution adjustments: The calculation agent will have discretion to adjust the closing level of the underlier if certain events occur (including those described above under "- Discontinuance or modification of the underlier"). In the event that any event other than a delisting or withdrawal from the relevant exchange occurs, the calculation agent shall determine whether and to what extent an adjustment should be made to the level of the underlier or any other term. The calculation agent shall have no obligation to make an adjustment for any such event.

Business day: each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York City generally are authorized or obligated by law, regulation or executive order to close.

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Calculation agent: Goldman Sachs & Co. LLC ("GS&Co.")

Overdue principal rate: the effective Federal Funds rate

Governing law: this warrant and the GSFC 2008 indenture shall be governed by and construed in accordance with the laws of the State of New York.

In the event that the company or the guarantor becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of this warrant, the related guarantee and the GSFC 2008 indenture (together, the "relevant agreements") and any interest and obligation in or under the relevant agreements will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the relevant agreements, and any such interest and obligation, were governed by the laws of the United States or a state of the United States. In the event that the company or the guarantor or any affiliate of the company or the guarantor becomes subject to a proceeding under a U.S. Special Resolution Regime, default rights under the relevant agreements that may be exercised against the company or the guarantor are permitted to be exercised to no greater extent than such default rights could be exercised under the U.S. Special Resolution Regime if the relevant agreements were governed by the laws of the United States or a state of the United States. The requirements of this paragraph apply notwithstanding the following paragraph.

Notwithstanding anything to the contrary in the relevant agreements, but subject to the requirements of the preceding paragraph, the parties shall not be permitted to exercise any default right against the company or the guarantor with respect to the relevant agreements that is related, directly or indirectly, to an affiliate of the company or the guarantor becoming subject to an insolvency proceeding, except to the extent the exercise of such default right would be permitted under the creditor protection provisions of 12 C.F.R. § 252.84, 12 C.F.R. § 47.5, or 12 C.F.R. § 382.4, as applicable. After an affiliate of the company or the guarantor has become subject to an insolvency proceeding, if any party seeks to exercise any default right against the company or the guarantor with respect to the relevant agreements, that party shall have the burden of proof, by clear and convincing evidence, that the exercise of such default right is permitted hereunder.

For purposes of the preceding two paragraphs:

"default right" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1 as applicable;

"insolvency proceeding" means a receivership, insolvency, liquidation, resolution, or similar proceeding; and

"U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

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Q&A

How do the warrants work?

The warrants offered by this prospectus supplement are cash-settled put warrants. The amount that you will be paid on your warrants on the payment date will be determined with reference to the performance of the underlier from September 14, 2026 (the date the initial underlier level was set) to and including the expiration date. If the final underlier level is less than the strike level, your warrants will be automatically exercised on the payment date and for each warrant you will receive an amount in cash equal to the $1,000 notional amount times the underlier return. If the final underlier level is equal to or greater than the strike level, your warrants will expire worthless on the payment date and you will lose all of your initial investment in the warrants.

Even if the final underlier level is less than the strike level, you will lose a portion of your initial investment in the warrants unless the underlier return is greater than the premium amount expressed as a percentage of the notional amount. See "Breakeven Analysis" above for more information.

Investing in the put warrants involves a high degree of risk, including the possibility that the put warrants will expire worthless and that you will lose all of your initial investment in the put warrants.

The warrants may not be exercised by either you or us prior to the expiration date. As discussed in the accompanying prospectus supplement, the warrants are our unsecured contractual obligations and rank pari passu with our other unsecured contractual obligations and with our unsecured and unsubordinated debt.

Who should or should not consider an investment in the warrants?

The warrants are for investors with an options-approved account who:

See "Breakeven Analysis" above for more information.

What will I receive on the payment date of the warrants?

On the payment date, the warrants either will be automatically exercised or will expire worthless and for each warrant you will receive an amount in cash, if any, as follows:

The underlier return is calculated by dividing (i) the strike level minus the final underlier level by (ii) the initial underlier level, expressed as a percentage.

Even if the final underlier level is less than the strike level, you will lose a portion of your initial investment in the warrants unless the underlier return is greater than the premium amount expressed as a percentage of the notional amount. See "Breakeven Analysis" above for more information.

The calculation agent will determine the final underlier level on the expiration date.

What will I receive if I sell the warrant prior to the payment date?

If you sell your warrants in a secondary market prior to the payment date, your return will depend upon the market value of your warrants at the time of sale, which may be affected by a number of factors, such as interest rates, the volatility of the underlier, the creditworthiness of GS Finance Corp., as issuer, and the creditworthiness of The Goldman Sachs Group, Inc., as guarantor. For more information on the value of your warrant in the secondary market, see "Additional Risk Factors Specific to Your Warrants - The Market Value of Your Warrants May Be Influenced By Many Unpredictable Factors" below.

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What about taxes?

The U.S. federal income tax consequences of an investment in a warrant are uncertain, both as to the timing and character of any inclusion in income in respect of the warrant. Some of these tax consequences are summarized below, but we urge each investor to read the more detailed discussion in "Supplemental Discussion of U.S. Federal Income Tax Consequences" below.

A warrant should be treated as a put option for U.S. federal income tax purposes. If a warrant is so treated, a holder will generally recognize short-term capital gain or loss upon the sale, exchange, lapse or cash settlement of the warrant in an amount equal to the difference between the amount realized, if any, upon the sale, exchange, lapse or cash settlement of the warrant and the amount the holder paid for such warrant.

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HYPOTHETICAL EXAMPLES

The following examples are provided for purposes of illustration only. They should not be taken as an indication or prediction of future investment results and merely are intended to illustrate the impact that the various hypothetical underlier levels on the expiration date could have on the cash settlement amount on the payment date assuming all other variables remain constant.

The examples below are based on a range of final underlier levels that are entirely hypothetical; the underlier level on any day throughout the life of the warrants, including the final underlier level on the expiration date, cannot be predicted. The underlier has been highly volatile in the past - meaning that the underlier level has changed considerably in relatively short periods - and its performance cannot be predicted for any future period.

The information in the following examples reflects hypothetical rates of return on the offered warrants assuming that they are purchased on the original issue date at the premium amount and held to the payment date. If you sell your warrants in a secondary market prior to the payment date, your return will depend upon the market value of your warrants at the time of sale, which may be affected by a number of factors that are not reflected in the examples below, such as interest rates, the volatility of the underlier, the creditworthiness of GS Finance Corp., as issuer, and the creditworthiness of The Goldman Sachs Group, Inc., as guarantor. In addition, the estimated value of your warrants at the time the terms of your warrants are set on the trade date (as determined by reference to pricing models used by GS&Co.) is less than the original issue price of your warrants. For more information on the estimated value of your warrants, see "Additional Risk Factors Specific to Your Warrants - The Estimated Value of Your Warrants At the Time the Terms of Your Warrants Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Warrants" on page S-13 of this prospectus supplement. The information in the examples also reflects the key terms and assumptions in the box below.

For these reasons, the actual performance of the underlier over the life of your warrants, as well as the amount payable on the payment date, if any, may bear little relation to the hypothetical examples shown below or to the historical levels of the underlier shown elsewhere in this prospectus supplement. For information about the historical levels of the underlier during recent periods, see "The Underlier- Historical Closing Levels of the Underlier" below. Before investing in the offered warrants, you should consult publicly available information to determine the levels of the underlier between the date of this prospectus supplement and the date of your purchase of the offered warrants.

Also, the hypothetical examples shown below do not take into account the effects of applicable taxes. Because of the U.S. tax treatment applicable to your warrants, tax liabilities could affect the after-tax rate of return on your warrants to a comparatively greater extent than the after-tax return on the underlier stocks.

The values in the left column of the table below represent hypothetical final underlier levels and are expressed as percentages of the initial underlier level. The amounts in the middle column represent the hypothetical cash settlement amounts, based on the corresponding hypothetical final underlier level, and are expressed as percentages of the notional amount of a warrant (rounded to the nearest one-thousandth of a percent). The amounts in the right column represent the hypothetical cash settlement amounts, based on the corresponding hypothetical final underlier level, and are expressed as percentages of the premium amount of a warrant (rounded to the nearest one-thousandth of a percent). Thus, a hypothetical cash settlement amount of 100.000% in the middle column means that the value of the cash payment that we would deliver for each of the offered warrants on the payment date would equal 100.000% of the notional amount of a warrant, based on the corresponding hypothetical final underlier level and the assumptions noted above. Further, a hypothetical cash settlement

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amount of 100.000% in the right column means that the value of the cash payment that we would deliver for each of the offered warrants on the payment date would equal 100.000% of the premium amount of a warrant, based on the corresponding hypothetical final underlier level and the assumptions noted above.

If, for example, the final underlier level were determined to be 78.000% of the initial underlier level, the warrants would be automatically exercised and the cash settlement amount that we would deliver on your warrants on the payment date would be approximately 34.783% of the premium amount of your warrants, as shown in the table above. As a result, if you purchased your warrants on the original issue date at the premium amount and held them to the payment date, you would lose approximately 65.217% of your initial investment (if you purchased your warrants at a premium to premium amount you would lose a correspondingly higher percentage of your investment). If, for example, the final underlier level were determined to be 80.000% of the initial underlier level, your warrants would expire worthless and the cash settlement amount that we would deliver on your warrants on the payment date would be 0.000%, as shown in the table above. As a result, if you purchased your warrants on the original issue date at the notional amount and held them to the payment date, you would lose your entire investment in the warrants.

The cash settlement amounts shown above are entirely hypothetical; they are based on market prices for the underlier stocks that may not be achieved on the expiration date and on assumptions that may prove to be erroneous. The actual market value of your warrants on the payment date or at any other time, including any time you may wish to sell your warrants, may bear little relation to the hypothetical cash settlement amounts shown above, and these amounts should not be viewed as an indication of the financial return on an investment in the offered warrants. The hypothetical cash settlement amounts on warrants held to the payment date in the examples above assume you purchased your warrants at their premium amount and have not been adjusted to reflect the actual issue price you pay for your warrants. The return on your investment (whether positive or negative) in your warrants will be affected by the amount you pay for your warrants. If you purchase your warrants for a price other than the premium amount, the return on your investment will differ from, and may be significantly lower than, the hypothetical returns suggested by the above examples. Please read "Additional Risk Factors Specific to Your Warrants - The Market Value of Your Warrants May Be Influenced By Many Unpredictable Factors" on page S-15.

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ADDITIONAL RISK FACTORS SPECIFIC TO YOUR WARRANTS

Risks Related to Structure, Valuation and Secondary Market Sales

The Estimated Value of Your Warrants At the Time the Terms of Your Warrants Are Set On the Trade Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Issue Price Of Your Warrants

The original issue price for your warrants exceeds the estimated value of your warrants as of the time the terms of your warrants are set on the trade date, as determined by reference to GS&Co.'s pricing models and taking into account our credit spreads. Such estimated value on the trade date is set forth above under "Estimated Value of Your Warrants"; after the trade date, the estimated value as determined by reference to these models will be affected by changes in market conditions, the creditworthiness of GS Finance Corp., as issuer, the creditworthiness of The Goldman Sachs Group, Inc., as guarantor, and other relevant factors. The price at which GS&Co. would initially buy or sell your warrants (if GS&Co. makes a market, which it is not obligated to do), and the value that GS&Co. will initially use for account statements and otherwise, also exceeds the estimated value of your warrants as determined by reference to these models. As agreed by GS&Co. and the distribution participants, this excess (i.e., the additional amount described under "Estimated Value of Your Warrants") will decline to zero on a straight line basis over the period from the date hereof through the applicable date set forth above under "Estimated Value of Your Warrants". Thereafter, if GS&Co. buys or sells your warrants it will do so at prices that reflect the estimated value determined by reference to such pricing models at that time. The price at which GS&Co. will buy or sell your warrants at any time also will reflect its then current bid and ask spread for similar sized trades of structured warrants.

In estimating the value of your warrants as of the time the terms of your warrants are set on the trade date, as disclosed above under "Estimated Value of Your Warrants", GS&Co.'s pricing models consider certain variables, including principally our credit spreads, interest rates (forecasted, current and historical rates), volatility, price-sensitivity analysis and the time to maturity of the warrants. These pricing models are proprietary and rely in part on certain assumptions about future events, which may prove to be incorrect. As a result, the actual value you would receive if you sold your warrants in the secondary market, if any, to others may differ, perhaps materially, from the estimated value of your warrants determined by reference to our models due to, among other things, any differences in pricing models or assumptions used by others. See "- The Market Value of Your Warrants May Be Influenced By Many Unpredictable Factors" below.

The difference between the estimated value of your warrants as of the time the terms of your warrants are set on the trade date and the original issue price is a result of certain factors, including principally the underwriting discount and commissions, the expenses incurred in creating, documenting and marketing the warrants, and an estimate of the difference between the amounts we pay to GS&Co. and the amounts GS&Co. pays to us in connection with your warrants. We pay to GS&Co. amounts based on what we would pay to holders of a non-structured note with a similar maturity. In return for such payment, GS&Co. pays to us the amounts we owe under your warrants.

In addition to the factors discussed above, the value and quoted price of your warrants at any time will reflect many factors and cannot be predicted. If GS&Co. makes a market in the warrants, the price quoted by GS&Co. would reflect any changes in market conditions and other relevant factors, including any deterioration in our creditworthiness or perceived creditworthiness or the creditworthiness or perceived creditworthiness of The Goldman Sachs Group, Inc. These changes may adversely affect the value of your warrants, including the price you may receive for your warrants in any market making transaction. To the extent that GS&Co. makes a market in the warrants, the quoted price will reflect the estimated value determined by reference to GS&Co.'s pricing models at that time, plus or minus its then current bid and ask spread for similar sized trades of structured warrants (and subject to the declining excess amount described above).

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Furthermore, if you sell your warrants, you will likely be charged a commission for secondary market transactions, or the price will likely reflect a dealer discount. This commission or discount will further reduce the proceeds you would receive for your warrants in a secondary market sale.

There is no assurance that GS&Co. or any other party will be willing to purchase your warrants at any price and, in this regard, GS&Co. is not obligated to make a market in the warrants. See "- Your Warrants May Not Have an Active Trading Market" below.

The Warrants Are Not Appropriate for Investors Who Do Not Have Options-Approved Accounts

You will not be able to purchase the warrants unless you have an options-approved brokerage account. The warrants involve a high degree of risk, including the risk that you will lose your entire investment, and are not appropriate for every investor. You must be able to understand and bear the risk of an investment in the warrants, and you should be experienced with respect to options and options transactions.

The Warrants Are Subject to the Credit Risk of the Issuer and the Guarantor

Although the return on the warrants will be based on the performance of the underlier, the payment of any amount due on the warrants is subject to the credit risk of GS Finance Corp., as issuer of the warrants, and the credit risk of The Goldman Sachs Group, Inc. as guarantor of the warrants. The warrants are our unsecured obligations. Investors are dependent on our ability to pay all amounts due on the warrants, and therefore investors are subject to our credit risk and to changes in the market's view of our creditworthiness. Similarly, investors are dependent on the ability of The Goldman Sachs Group, Inc., as guarantor of the warrants, to pay all amounts due on the warrants, and therefore are also subject to its credit risk and to changes in the market's view of its creditworthiness. See "Description of the Warrants We May Offer - Information About Our Warrants, Series G Program - How the Warrants Rank Against Other Debt" on page S-4 of the accompanying prospectus supplement and "Description of Warrants We May Offer - Guarantee by The Goldman Sachs Group, Inc." on page 70 of the accompanying prospectus.

You May Lose Your Entire Investment in the Warrants

You can lose your entire investment in the warrants. The cash payment on your warrants, if any, on the payment date will be based on the performance of the underlier as measured from the initial underlier level set on September 14, 2026 to the closing level on the expiration date. If the final underlier level is equal to or greater than the strike level, your warrants will expire worthless and the cash settlement amount will be $0. Because the strike level is less than the initial underlier level, even if the final underlier level is equal to the initial underlier level, your warrants will expire worthless and the cash settlement amount will be $0. In addition, if the final underlier level is less than the strike level, your warrants will be automatically exercised on the expiration date and for each warrant you will receive an amount in cash equal to the $1,000 notional amount times the underlier return. Because you will pay an option premium, you will lose a portion of your initial investment in the warrants unless the final underlier level is less than the breakeven level.

Also, the market price of your warrants prior to the payment date may be significantly lower than the purchase price you pay for your warrants. Consequently, if you sell your warrants before the payment date, you may receive far less than the amount of your investment in the warrants.

Even if the amount payable for your warrants on the payment date exceeds the original issue price of your warrants, the overall return you earn on your warrants may be less than you would have earned by investing in a non-indexed debt security that bears interest at a prevailing market rate.

The Warrants Are Non-Standardized Options

The warrants are not standardized options of the type issued by the Options Clearing Corporation (the "OCC"), a clearing agency regulated by the Securities and Exchange Commission. The warrants are unsecured contractual obligations of ours and will rank pari passu with our other unsecured contractual obligations and with our unsecured and unsubordinated debt. Thus, unlike purchasers of OCC standardized options, who have the credit benefits of guarantees and margin and collateral deposits by OCC clearing members to protect the OCC from a clearing member's failure, you may look solely to us for performance of our obligation to pay the cash settlement amount, if any, on the payment date. Additionally, the secondary market for the warrants, if any exists, is not expected to be as liquid as the market for OCC standardized options, and, therefore, sales of the warrants prior to the expiration date may yield a sale price that is lower than the theoretical value of the warrants based on the then-prevailing level of the underlier. See "- Your Warrants May Not Have an Active Trading Market" below.

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The Amount Payable on Your Warrants Is Not Linked to the Level of the Underlier at Any Time Other Than the Expiration Date

The final underlier level will be based on the closing level of the underlier on the expiration date (subject to adjustment as described elsewhere in this prospectus supplement). Therefore, if the closing level of the underlier increased precipitously on the expiration date, the cash settlement amount for your warrants may be significantly less than it would have been had the cash settlement amount been linked to the closing level of the underlier prior to such increase in the level of the underlier. Although the actual level of the underlier on the payment date or at other times during the life of your warrants may be lower than the final underlier level, you will not benefit from the closing level of the underlier at any time other than on the expiration date.

The Warrants Cannot Be Automatically Exercised Prior to the Expiration Date

The warrants cannot be automatically exercised prior to the expiration date. Accordingly, you will not benefit from any movements in the level of the underlier prior to the expiration date. Neither you nor we can exercise the warrants at any time prior to the expiration date. The warrants will be automatically exercised on the expiration date only if the final underlier level is less than the strike level. If the final underlier level is equal to or greater than the strike level, your warrants will expire worthless and you will lose all of your initial investment in the warrants. Further, you do not have a choice as to whether the warrants will be automatically exercised on the expiration date. Accordingly, you will not be able to benefit from any decreases in the level of the underlier that occur after the expiration date.

The Return on Your Warrants Will Not Reflect Any Dividends Paid on the Underlier or Any Underlier Stocks

The return on your warrants will not reflect the return you would realize if you actually owned the underlier or the underlier stocks and received the distributions paid on the shares of the underlier. You will not receive any dividends that may be paid on any of the underlier stocks by the underlier stock issuers or the shares of the underlier. See "- You Have No Shareholder Rights or Rights to Receive Any Underlier Stock" below for additional information.

You Have No Shareholder Rights or Rights to Receive Any Underlier Stock

Investing in your warrants will not make you a holder of any of the underlier stocks. Neither you nor any other holder or owner of your warrants will have any rights with respect to the underlier stocks, including any voting rights, any rights to receive dividends or other distributions, any rights to make a claim against the underlier stocks, or any other rights of a holder of the underlier stocks. Your warrants will be paid in cash and you will have no right to receive delivery of any underlier stocks.

We May Sell an Additional Aggregate Premium Amount of the Warrants at a Different Issue Price

At our sole option, we may decide to sell an additional aggregate premium amount of the warrants subsequent to the date of this prospectus supplement. The issue price of the warrants in the subsequent sale may differ substantially (higher or lower) from the original issue price you paid as provided on the cover of this prospectus supplement.

Past Underlier Performance Is No Guide to Future Performance

The actual performance of the underlier over the life of the warrants, as well as the amount payable on the payment date, may bear little relation to the historical closing levels of the underlier or to the hypothetical return examples set forth elsewhere in this prospectus supplement. We cannot predict the future performance of the underlier.

The Market Value of Your Warrants May Be Influenced By Many Unpredictable Factors

When we refer to the market value of your warrants, we mean the value that you could receive for your warrants if you chose to sell them in the open market before the payment date. A number of factors, many of which are beyond our control, will influence the market value of your warrants, including:

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Without limiting the foregoing, the market value of your warrants may be negatively impacted by increasing interest rates. Such adverse impact of increasing interest rates could be significantly enhanced in warrants with longer-dated maturities, the market values of which are generally more sensitive to increasing interest rates.

In addition, as noted above, a portion of the market value of your warrants at any time prior to expiration depends on the length of time remaining until the payment date and is known as the "time value" of your warrants. After the trade date, the time value generally diminishes until, at expiration, the time value of your warrants is zero.

These factors may influence the market value of your warrants if you sell your warrants before the payment date, including the price you may receive for your warrants in any market making transaction. If you sell your warrants prior to the payment date, you may receive less than the premium amount that you paid for your warrants. You cannot predict the future performance of the underlier based on its historical performance.

If the Level of the Underlier Changes, the Market Value of Your Warrants May Not Change in the Same Manner

Your warrants may trade quite differently from the performance of the underlier. Changes in the level of the underlier may not result in a comparable change in the market value of your warrants. This is because your cash settlement amount on the payment date will be based only on the final underlier level. If the underlier return is negative (i.e., the final underlier level is greater than the strike level), you will lose all of your investment in the warrants. We discuss some of the reasons for this disparity under "- The Market Value of Your Warrants May Be Influenced By Many Unpredictable Factors" above.

Your Warrants May Not Have an Active Trading Market

Your warrants will not be listed or displayed on any securities exchange or included in any interdealer market quotation system, and there may be little or no secondary market for your warrants. Even if a secondary market for your warrants develops, it may not provide significant liquidity and we expect that transaction costs in any secondary market would be high. As a result, the difference between bid and ask prices for your warrants in any secondary market could be substantial.

You Have Limited Anti-Dilution Protection

GS&Co., as calculation agent for your warrants, may adjust the closing level of the underlier for certain events that may affect the underlier, but only in the situations we describe in "Terms and Conditions - Anti-dilution adjustments" above. The calculation agent will not be required to make an adjustment for every event that may affect the underlier and will have broad discretion to determine whether and to what extent an adjustment is required.

If You Purchase Your Warrants at a Price Above the Premium Amount, the Return on Your Investment Will Be Lower Than the Return on Warrants Purchased at the Premium Amount and the Impact of Certain Key Terms of the Warrants Will Be Negatively Affected

The cash settlement amount will not be adjusted based on the issue price you pay for the warrants. If you purchase warrants at a price that differs from the premium amount for the warrants on the cover of this prospectus supplement, then the return on your investment in such warrants held to the payment date will differ from, and may be substantially less than, the return on warrants purchased at such premium amount. If you purchase your warrants at a price above the premium amount and hold them to the payment date, the return on your investment in the warrants will be lower than it would have been had you purchased the warrants at the premium amount on the cover of this prospectus supplement or a discount to premium amount.

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As Calculation Agent, GS&Co. Will Have the Authority to Make Determinations that Could Affect the Value of Your Warrants

As calculation agent for your warrants, GS&Co. will have discretion in making certain determinations that affect your warrants, including determining: the final underlier level on the expiration date, which we will use to determine the amount we must pay, if any, on the payment date; anti-dilution adjustments; whether to postpone the expiration date because of a market disruption event or a non-trading day; and the payment date. The calculation agent also has discretion in making certain adjustments relating to a discontinuation or modification of the underlier. See "Terms and Conditions- Discontinuance or Modification of the underlier" above. The exercise of this discretion by GS&Co. could adversely affect the value of your warrants and may present GS&Co. with a conflict of interest. We may change the calculation agent at any time without notice and GS&Co. may resign as calculation agent at any time upon 60 days' written notice to us.

The Calculation Agent Can Postpone the Expiration Date If a Market Disruption Event or Non-Trading Day Occurs or is Continuing

If the calculation agent determines that, on a day that would otherwise be the expiration date, a market disruption event has occurred or is continuing or that day is not a trading day, the expiration date will be postponed as provided under "Terms and Conditions - Expiration date". In no case, however, will the expiration date be postponed to a date later than the originally scheduled payment date or if the originally scheduled payment date is not a business day, later than the first business day after the originally scheduled payment date. Moreover, if the expiration date is postponed to the last possible day and a market disruption event occurs or is continuing on such last possible day or such day is not a trading day, such date will nevertheless be the expiration date. In such a case, the calculation agent will determine the final underlier level for the expiration date based on the procedures described under "Terms and Conditions - Consequences of a market disruption event or a non-trading day" above.

Risks Related to Conflicts of Interest

Hedging Activities by Goldman Sachs or Our Distributors May Negatively Impact Investors in the Warrants and Cause Our Interests and Those of Our Clients and Counterparties to be Contrary to Those of Investors in the Warrants

Goldman Sachs has hedged or expects to hedge our obligations under the warrants by purchasing listed or over-the-counter options, futures and/or other instruments linked to the underlier or the underlier stocks. Goldman Sachs also expects to adjust the hedge by, among other things, purchasing or selling any of the foregoing, and perhaps other instruments linked to the underlier or the underlier stocks, at any time and from time to time, and to unwind the hedge by selling any of the foregoing on or before the expiration date for your warrants. Alternatively, Goldman Sachs may hedge all or part of our obligations under the warrants with unaffiliated distributors of the warrants which we expect will undertake similar market activity. Goldman Sachs may also enter into, adjust and unwind hedging transactions relating to other ETF-linked warrants whose returns are linked to changes in the level of the underlier or the underlier stocks, as applicable.

In addition to entering into such transactions itself, or distributors entering into such transactions, Goldman Sachs may structure such transactions for its clients or counterparties, or otherwise advise or assist clients or counterparties in entering into such transactions. These activities may be undertaken to achieve a variety of objectives, including: permitting other purchasers of the warrants or other securities to hedge their investment in whole or in part; facilitating transactions for other clients or counterparties that may have business objectives or investment strategies that are inconsistent with or contrary to those of investors in the warrants; hedging the exposure of Goldman Sachs to the warrants including any interest in the warrants that it reacquires or retains as part of the offering process, through its market-making activities or otherwise; enabling Goldman Sachs to comply with its internal risk limits or otherwise manage firmwide, business unit or product risk; and/or enabling Goldman Sachs to take directional views as to relevant markets on behalf of itself or its clients or counterparties that are inconsistent with or contrary to the views and objectives of the investors in the warrants.

Any of these hedging or other activities may adversely affect the level of the underlier - directly or indirectly by affecting the price of the underlier stocks - and therefore the market value of your warrants and the amount we will pay on your warrants, if any. In addition, you should expect that these transactions will cause Goldman Sachs or its clients, counterparties or distributors to have economic interests and incentives that do not align with, and that may be directly contrary to, those of an investor in the warrants. Neither Goldman Sachs nor any distributor will have any obligation to take, refrain from taking or cease taking any action with respect to these transactions based on the potential effect on an investor in the warrants, and may receive substantial returns on hedging or

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other activities while the value of your warrants declines. In addition, if the distributor from which you purchase warrants is to conduct hedging activities in connection with the warrants, that distributor may otherwise profit in connection with such hedging activities and such profit, if any, will be in addition to the compensation that the distributor receives for the sale of the warrants to you. You should be aware that the potential to earn fees in connection with hedging activities may create a further incentive for the distributor to sell the warrants to you in addition to the compensation they would receive for the sale of the warrants.

Goldman Sachs is a global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. As such, it acts as an investor, investment banker, research provider, investment manager, investment advisor, market maker, trader, prime broker and lender. In those and other capacities, Goldman Sachs purchases, sells or holds a broad array of investments, actively trades securities, derivatives, loans, commodities, currencies, credit default swaps, indices, baskets and other financial instruments and products for its own account or for the accounts of its customers, and will have other direct or indirect interests, in the global fixed income, currency, commodity, equity, bank loan and other markets. Any of Goldman Sachs' financial market activities may, individually or in the aggregate, have an adverse effect on the market for your warrants, and you should expect that the interests of Goldman Sachs or its clients or counterparties will at times be adverse to those of investors in the warrants.

Goldman Sachs regularly offers a wide array of securities, financial instruments and other products into the marketplace, including existing or new products that are similar to your warrants, or similar or linked to the underlier or underlier stocks. Investors in the warrants should expect that Goldman Sachs will offer securities, financial instruments, and other products that will compete with the warrants for liquidity, research coverage or otherwise.

Goldman Sachs' Market-Making Activities Could Negatively Impact Investors in the Warrants

Goldman Sachs actively makes markets in and trades financial instruments for its own account and for the accounts of customers. These financial instruments include debt and equity securities, currencies, commodities, bank loans, indices, baskets and other products. Goldman Sachs' activities include, among other things, executing large block trades and taking long and short positions directly and indirectly, through derivative instruments or otherwise. The securities and instruments in which Goldman Sachs takes positions, or expects to take positions, include securities and instruments of the underlier or underlier stocks, securities and instruments similar to or linked to the foregoing or the currencies in which they are denominated. Market making is an activity where Goldman Sachs buys and sells on behalf of customers, or for its own account, to satisfy the expected demand of customers. By its nature, market making involves facilitating transactions among market participants that have differing views of securities and instruments. As a result, you should expect that Goldman Sachs will take positions that are inconsistent with, or adverse to, the investment objectives of investors in the warrants.

If Goldman Sachs becomes a holder of any securities of the underlier or underlier stocks in its capacity as a market-maker or otherwise, any actions that it takes in its capacity as securityholder, including voting or provision of consents, will not necessarily be aligned with, and may be inconsistent with, the interests of investors in the warrants.

Goldman Sachs and its personnel, including its sales and trading, investment research and investment management personnel, regularly make investment recommendations, provide market color or trading ideas, or publish or express independent views in respect of a wide range of markets, issuers, securities and instruments. They regularly implement, or recommend to clients that they implement, various investment strategies relating to these markets, issuers, securities and instruments. These strategies include, for example, buying or selling credit protection against a default or other event involving an issuer or financial instrument. Any of these recommendations and views may be negative with respect to the underlier or underlier stocks or other securities or instruments similar to or linked to the foregoing or result in trading strategies that have a negative impact on the market for any such securities or instruments, particularly in illiquid markets. In addition, you should expect that personnel in the trading and investing businesses of Goldman Sachs will have or develop independent views of the underlier or underlier stocks, the relevant industry or other market trends, which may not be aligned with the views and objectives of investors in the warrants.

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Goldman Sachs regularly provides financial advisory, investment advisory and transactional services to a substantial and diversified client base, and you should assume that Goldman Sachs will, at present or in the future, provide such services or otherwise engage in transactions with, among others, the investment advisor of the underlier or the issuers of the underlier stocks, or transact in securities or instruments or with parties that are directly or indirectly related to the foregoing. These services could include making loans to or equity investments in those companies, providing financial advisory or other investment banking services, or issuing research reports. You should expect that Goldman Sachs, in providing such services, engaging in such transactions, or acting for its own account, may take actions that have direct or indirect effects on the underlier or underlier stocks, as applicable, and that such actions could be adverse to the interests of investors in the warrants. In addition, in connection with these activities, certain Goldman Sachs personnel may have access to confidential material non-public information about these parties that would not be disclosed to Goldman Sachs employees that were not working on such transactions as Goldman Sachs has established internal information barriers that are designed to preserve the confidentiality of non-public information. Therefore, any such confidential material non-public information would not be shared with Goldman Sachs employees involved in structuring, selling or making markets in the warrants or with investors in the warrants.

In this offering, as well as in all other circumstances in which Goldman Sachs receives any fees or other compensation in any form relating to services provided to or transactions with any other party, no accounting, offset or payment in respect of the warrants will be required or made; Goldman Sachs will be entitled to retain all such fees and other amounts, and no fees or other compensation payable by any party or indirectly by holders of the warrants will be reduced by reason of receipt by Goldman Sachs of any such other fees or other amounts.

A completed offering may reduce Goldman Sachs' existing exposure to the underlier or underlier stocks, securities and instruments similar to or linked to the foregoing or the currencies in which they are denominated, including exposure gained through hedging transactions in anticipation of this offering. An offering of warrants will effectively transfer a portion of Goldman Sachs' exposure (and indirectly transfer the exposure of Goldman Sachs' hedging or other counterparties) to investors in the warrants.

The terms of the offering (including the selection of the underlier or underlier stocks, and the establishment of other transaction terms) may have been selected in order to serve the investment or other objectives of Goldman Sachs or another client or counterparty of Goldman Sachs. In such a case, Goldman Sachs would typically receive the input of other parties that are involved in or otherwise have an interest in the offering, transactions hedged by the offering, or related transactions. The incentives of these other parties would normally differ from and in many cases be contrary to those of investors in the warrants.

Other Investors in the Warrants May Not Have the Same Interests as You

Other investors in the warrants are not required to take into account the interests of any other investor in exercising remedies or voting or other rights in their capacity as securityholders or in making requests or recommendations to Goldman Sachs as to the establishment of other transaction terms. The interests of other investors may, in some circumstances, be adverse to your interests. For example, certain investors may take short positions (directly or indirectly through derivative transactions) on assets that are the same or similar to your warrants, underlier, underlier stocks or other similar securities, which may adversely impact the market for or value of your warrants.

Additional Risks Related to the Underlier

An Investment in the Warrants Is Subject To Risks Associated With Actively-Managed ETFs

The underlier is actively managed. Unlike a passively-managed ETF, an actively-managed ETF does not attempt to track an index or other benchmark, and the investment decisions for an actively-managed ETF are instead made by its investment advisor. The investment advisor of an actively-managed ETF may adopt a strategy or strategies that are significantly higher risk than the indexing strategy that would have been employed by a passively-managed ETF. As an actively-managed ETF, the underlier is subject to management risk. In managing an actively-managed ETF, the underlier investment advisor applies investment strategies, techniques and analyses in making investment decisions for the underlier, but there can be no guarantee that these actions will

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produce the intended results. The ability of the underlier investment advisor to successfully implement the underlier's investment strategy will significantly influence the market price of the shares of the underlier and, consequently, the value of the warrants.

An Investment in the Warrants Is Subject to Risks Associated with Memory Companies and Semiconductor Companies

The underlier's investment strategy involves exposure to companies that the underlier investment advisor identifies as memory companies. Memory companies may have limited product lines, markets, financial resources or personnel and are subject to the risks of changes in business cycles, world economic growth, technological progress and government regulation. These companies are also heavily dependent on intellectual property rights, and challenges to or misappropriation of such rights could have a material adverse effect on such companies. Securities of memory companies tend to be more volatile than securities of companies that rely less heavily on technology. Memory companies typically engage in significant amounts of spending on research and development, and rapid changes to the field could have a material adverse effect on a company's operating results. Additionally, the development, manufacturing, and commercialization of semiconductor memory technologies, including high bandwidth memory, dynamic random-access memory and NAND, as well as related subsystems, equipment, materials, and services, are complex and evolving, and may face unforeseen technical challenges (including yield and integration issues), supply chain disruptions, intense competition and pricing volatility, regulatory developments (including export controls), and market acceptance uncertainties. As a result, investments in memory companies may be subject to higher levels of risk and volatility.

The underlier's investment strategy also involves exposure to companies primarily involved in the design, distribution, manufacture and sale of semiconductors. Semiconductor companies are significantly affected by rapid obsolescence, intense competition and global demand. The underlier is also subject to the risk that the securities of such companies will underperform the market as a whole due to legislative or regulatory changes. The prices of the securities of semiconductor companies may fluctuate widely in response to such events.

Further, certain companies included in the underlier's portfolio will be engaged in other lines of business unrelated to the development of memory products, and these lines of business could adversely affect their operating results. The operating results of these companies may fluctuate as a result of these additional risks and events in the other lines of business. Despite a company's possible success in activities linked to its development of memory products, there can be no assurance that the other lines of business in which these companies are engaged will not have an adverse effect on a company's business or financial condition.

The Underlier Is Concentrated in the Information Technology Sector and Does Not Provide Diversified Exposure

The underlier is not diversified. The underlier's assets are concentrated in the information technology sector, which means the underlier is more likely to be more adversely affected by any negative performance of the information technology sector than an underlier that has more diversified holdings across a number of sectors. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Information technology companies are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action.

The Underlier Has a Limited Operating History

The warrants are linked to the performance of the underlier, which was launched on April 2, 2026. Because the underlier has no underlier level history prior to that date, limited historical underlier level information will be available for you to consider in making an independent investigation of the underlier performance, which may make it difficult for you to make an informed decision with respect to the warrants.

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Except to the Extent GS&Co. and One or More of Our Other Affiliates Act as Authorized Participants in the Distribution of, and, at Any Time, May Hold, Shares of the Underlier, There Is No Affiliation Between the Underlier Investment Advisor and Us

GS&Co. and one or more of our other affiliates may act, from time to time, as authorized participants in the distribution of shares of the underlier, and, at any time, may hold shares of the underlier. Goldman Sachs is not otherwise affiliated with the underlier investment advisor or the underlier stock issuers. We or our affiliates may currently or from time to time in the future engage in business with the underlier investment advisor or the issuers of the underlier stocks. Neither we nor any of our affiliates have participated in the preparation of any publicly available information or made any "due diligence" investigation or inquiry with respect to the underlier or the underlier stock issuers. You, as an investor in your warrants, should make your own investigation into the underlier and the underlier stock issuers.

Neither the underlier investment advisor nor any underlier stock issuer are involved in this offering of your warrants in any way and none of them have any obligation of any sort with respect to your warrants. Neither the underlier investment advisor nor any such issuer have any obligation to take your interests into consideration for any reason, including when taking any corporate actions that might affect the value of your warrants.

The Policies of the Underlier's Investment Could Affect the Amount Payable on Your Warrants and Their Market Value

The underlier's investment advisor may from time to time be called upon to make certain policy decisions or judgments with respect to the underlier, including those concerning the calculation of the net asset value of the underlier and additions, deletions or substitutions of securities in the underlier. Such determinations could affect the market price of the shares of the underlier, and therefore, the amount payable on your warrants on the payment date and the market value of your warrants before that date. The amount payable on your warrants and their market value could also be affected if the underlier investment advisor changes these policies, for example, by changing the manner in which it calculates the net asset value of the underlier, or if the underlier investment advisor discontinues or suspends calculation or publication of the net asset value of the underlier, in which case it may become difficult or inappropriate to determine the market value of your warrants.

If events such as these occur, the calculation agent - which initially will be GS&Co., our affiliate - may determine the closing level of the underlier on the expiration date - and thus the amount payable on the payment date, if any - in a manner it considers appropriate, in its sole discretion. We describe the discretion that the calculation agent will have in determining the closing level of the underlier on the expiration date and the amount payable on your warrants more fully under "Terms and Conditions - Discontinuance or modification of the underlier" above.

There Is No Assurance That an Active Trading Market Will Continue For the Underlier or That There Will Be Liquidity in Any Such Trading Market; Further, the Underlier Is Subject to Securities Lending Risks and Custody Risks

Although the shares of the underlier and a number of similar products have been listed for trading on securities exchanges for varying periods of time, there is no assurance that an active trading market will continue for the shares of the underlier or that there will be liquidity in the trading market.

In addition, the underlier investment advisor may be permitted to engage in securities lending with respect to a portion of the underlier's total assets, which could subject the underlier to the risk that the borrower of such loaned securities fails to return the securities in a timely manner or at all.

In addition, the underlier is subject to custody risk, which refers to the risks in the process of clearing and settling trades and to the holding of securities by local banks, agents and depositories. Low trading volumes and volatile prices in less developed markets make trades harder to complete and settle, and governments or trade groups may compel local agents to hold securities in designated depositories that are not subject to independent evaluation. The less developed a country's securities market is, the greater the likelihood of custody problems.

Further, the underlier is subject to listing standards adopted by the securities exchange on which the underlier is listed for trading. There can be no assurance that the underlier will continue to meet the applicable listing requirements, or that the underlier will not be delisted.

The Underlier May Be Disproportionately Affected By the Performance of a Small Number of Stocks

A relatively small number of underlier stocks comprise a significant portion of the underlier. As a result, a decline in the prices of one or more of these stocks, including as a result of events negatively affecting one or more of

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these companies, may have the effect of significantly lowering the price of the underlier even if none of the other stocks held by the underlier are affected by such events. Because of the weighting of the holdings of the underlier, the amount you receive at maturity could be less than the payment at maturity you would have received if you had invested in a product linked to an underlier that capped the maximum weight of any one stock to a low amount or that equally weighted all stocks held by such underlier.

An Investment in the Offered Warrants Is Subject to Risks Associated with Foreign Securities Markets

The value of your warrants is linked to an underlier that holds, in part, stocks traded in one or more foreign securities markets, including emerging markets. Investments linked to the value of foreign equity securities involve particular risks. Any foreign securities market may be less liquid, more volatile and affected by global or domestic market developments in a different way than are the U.S. securities market or other foreign securities markets. Both government intervention in a foreign securities market, either directly or indirectly, and cross-shareholdings in foreign companies, may affect trading prices and volumes in that market. Also, there is generally less publicly available information about foreign companies than about those U.S. companies that are subject to the reporting requirements of the U.S. Securities and Exchange Commission. Further, foreign companies are subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.S. reporting companies.

The prices of securities in a foreign country are subject to political, economic, financial and social factors that are unique to such foreign country's geographical region. These factors include: recent changes, or the possibility of future changes, in the applicable foreign government's economic and fiscal policies; the possible implementation of, or changes in, currency exchange laws or other laws or restrictions applicable to foreign companies or investments in foreign equity securities; fluctuations, or the possibility of fluctuations, in currency exchange rates; and the possibility of outbreaks of hostility, political instability, natural disaster or adverse public health developments. For example, the United Kingdom ceased to be a member of the European Union on January 31, 2020 (an event commonly referred to as "Brexit"). The effects of Brexit are uncertain, and, among other things, Brexit has contributed, and may continue to contribute, to volatility in the prices of securities of companies located in Europe (or elsewhere) and currency exchange rates, including the valuation of the euro and British pound in particular. Any one of these factors, or the combination of more than one of these factors, could negatively affect such foreign securities market and the price of securities therein. Further, geographical regions may react to global factors in different ways, which may cause the prices of securities in a foreign securities market to fluctuate in a way that differs from those of securities in the U.S. securities market or other foreign securities markets. Foreign economies may also differ from the U.S. economy in important respects, including growth of gross national product, rate of inflation, capital reinvestment, resources and self-sufficiency, which may have a positive or negative effect on foreign securities prices.

Because foreign exchanges may be open on days when the underlier is not traded, the value of the securities underlying the underlier may change on days when shareholders will not be able to purchase or sell shares of the underlier. This could result in premiums or discounts to the underlier's net asset value that may be greater than those experienced by an underlier that does not hold foreign assets.

The underlier holds stocks traded in the equity markets of emerging market countries. Countries with emerging markets may have relatively less stable governments, may present the risks of nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets, and may have less protection of property rights than more developed countries. The economies of countries with emerging markets may be based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates. Local securities markets may trade a small number of securities and may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. It will also likely be more costly and difficult for the underlier investment advisor to enforce the laws or regulations of a foreign country or trading facility, and it is possible that the foreign country or trading facility may not have laws or regulations which adequately protect the rights and interests of investors in the stocks included in the underlier.

Government Regulatory Action, Including Legislative Acts and Executive Orders, Could Result in Material Changes to the Composition of an Underlier with Underlier Stocks from One or More Foreign Securities Markets and Could Negatively Affect Your Investment in the Warrants

Government regulatory action, including legislative acts and executive orders, could cause material changes to the composition of an underlier with underlier stocks from one or more foreign securities markets and could negatively affect your investment in the warrants in a variety of ways, depending on the nature of such

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government regulatory action and the underlier stocks that are affected. For example, recent executive orders issued by the United States Government prohibit United States persons from purchasing or selling publicly traded securities of certain companies that are determined to operate or have operated in the defense and related materiel sector or the surveillance technology sector of the economy of the People's Republic of China, or publicly traded securities that are derivative of, or that are designed to provide investment exposure to, those securities (including indexed warrants). If the prohibitions in those executive orders (or prohibitions under other government regulatory action) become applicable to underlier stocks that are currently included in an underlier or that in the future are included in an underlier, such underlier stocks may be removed from an underlier. If government regulatory action results in the removal of underlier stocks that have (or historically have had) significant weight in an underlier, such removal could have a material and negative effect on the level of such underlier and, therefore, your investment in the warrants. Similarly, if underlier stocks that are subject to those executive orders or subject to other government regulatory action are not removed from an underlier, the value of the warrants could be materially and negatively affected, and transactions in, or holdings of, the warrants may become prohibited under United States law. Any failure to remove such underlier stocks from an underlier could result in the loss of a significant portion or all of your investment in the warrants, including if you attempt to divest the warrants at a time when the value of the warrants has declined.

Your Investment in the Warrants Will Be Subject to Foreign Currency Exchange Rate Risk

The underlier holds assets that are denominated in non-U.S. dollar currencies. The value of the assets held by the underlier that are denominated in non-U.S. dollar currencies will be adjusted to reflect their U.S. dollar value by converting the price of such assets from the non-U.S. dollar currency to U.S. dollars. Consequently, if the value of the U.S. dollar strengthens against the non-U.S. dollar currency in which an asset is denominated, the level of the underlier may not increase even if the non-dollar value of the asset held by the underlier increases.

Foreign currency exchange rates vary over time, and may vary considerably during the term of your warrants. Changes in a particular exchange rate result from the interaction of many factors directly or indirectly affecting economic and political conditions. Of particular importance are:

All of these factors are, in turn, sensitive to the monetary, fiscal and trade policies pursued by the governments of the relevant foreign countries and the United States and other countries important to international trade and finance.

The market price of the warrants and level of the underlier could also be adversely affected by delays in, or refusals to grant, any required governmental approval for conversions of a local currency and remittances abroad or other de facto restrictions on the repatriation of U.S. dollars.

Even Though Currencies Trade Around-The-Clock, Your Warrants Will Not

Your warrants are linked to an underlier that holds assets denominated in non-U.S. dollar currencies. The interbank market in foreign currencies is a global, around-the-clock market. Therefore, the hours of trading for your warrants, if any trading market develops, will not conform to the hours during which the currencies in which the underlier is denominated or in which the underlier stocks trade. Significant price and rate movements may take place in the underlying foreign currency exchange markets that will not be reflected immediately in the price of your warrants. The possibility of these movements should be taken into account in relating the value of your warrants to those in the underlying foreign currency exchange markets. There is no systematic reporting of last-sale information for foreign currencies. Reasonably current bid and offer information is available in certain brokers' offices, in bank foreign currency trading offices and to others who wish to subscribe for this information, but this information will not necessarily be reflected in the value of the underlier used to calculate the amount payable on your warrants. There is no regulatory requirement that those quotations be firm or revised on a timely basis. The absence of last-sale information and the limited availability of quotations to individual investors may make it difficult for many investors to obtain timely, accurate data about the state of the underlying foreign currency exchange markets.

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Risks Related to Tax

Warrants Purchased as Part of a Straddle or Conversion Transaction for Tax Purposes Can have Adverse Tax Consequences

If an investor holds warrants as part of a straddle, conversion or other hedging transaction, there may be adverse tax consequences to such investor. Investors in the warrants considering holding the warrants as part of a straddle, conversion or other hedging transaction for tax purposes should consult their tax advisor to determine the tax consequences to them of investing in the warrants. In addition, all investors in the warrants should consult their tax advisor to determine the tax consequences to them of owning the warrants in light of their particular circumstances.

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USE OF PROCEEDS

We intend to lend the net proceeds from the sale of the offered warrants to The Goldman Sachs Group, Inc. or its affiliates. The Goldman Sachs Group, Inc. expects to use the proceeds from such loans for the purposes we describe in the accompanying prospectus under "Use of Proceeds". We or our affiliates may also use those proceeds in transactions intended to hedge our obligations under the offered warrants as described below.

HEDGING

In anticipation of the sale of the offered warrants, we and/or our affiliates have entered into or expect to enter into hedging transactions involving purchases of listed or over-the-counter options, futures and other instruments linked to the underlier or the underlier stocks on or before the trade date. In addition, from time to time after we issue the offered warrants, we and/or our affiliates may enter into additional hedging transactions and to unwind those we have entered into, in connection with the offered warrants and perhaps in connection with other index-linked warrants we issue, some of which may have returns linked to the underlier or the underlier stocks. Consequently, with regard to your warrants, from time to time, we and/or our affiliates:

We and/or our affiliates may acquire a long or short position in securities similar to your warrants from time to time and may, in our or their sole discretion, hold or resell those securities.

In the future, we and/or our affiliates expect to close out hedge positions relating to the offered warrants and perhaps relating to other warrants with returns linked to the underlier or the underlier stocks. We expect these steps to involve sales of instruments linked to the underlier on or shortly before the expiration date. These steps may also involve sales and/or purchases of some or all of the underlier stocks, or listed or over-the-counter options, futures or other instruments linked to the underlier, some or all of the underlier stocks or indices designed to track the performance of the U.S., European, Asian or other stock exchanges or other components of the U.S., European, Asian or other equity markets or other components of such markets.

The hedging activity discussed above may adversely affect the market value of your warrants from time to time and the amount we will pay on your warrants on the payment date. See "Additional Risk Factors Specific to Your Warrants" above for a discussion of these adverse effects.

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THE UNDERLIER

The shares of the Roundhill Memory ETF (the "underlier") are issued by the Roundhill ETF Trust (the "trust"), a registered investment company.

The underlier investment advisor generally invests in all memory companies it believes are leaders in semiconductor memory products and related technologies, considering factors such as market share and revenue share derived from the sales or production of such products, with a cap on the weighting of any single company to 25%.

The underlier may invest in U.S. and non-U.S. companies (including those operating in developed or emerging market countries) through investments in depositary receipts, American depositary receipts or global depositary receipts. Such companies will be large-capitalization issuers.

Holdings With Weights Equal to or in Excess of 20% of the Roundhill Memory ETF as of September 15, 2026

Micron Technology, Inc., Samsung Electronics Co., Ltd. and SK hynix Inc. each constitutes 20% or more of the underlier (through holdings in equity securities (including American depositary receipts ("ADSs")) and/or swap agreements or forward contracts) as of September 15, 2026.

Micron Technology, Inc. and SK hynix Inc. are registered under the Securities Exchange Act of 1934 (the "Exchange Act"). Companies with stocks registered under the Exchange Act are required to file financial and other information specified by the U.S. Securities and Exchange Commission ("SEC") periodically. Information filed by the underlier stock issuers with the SEC electronically can be reviewed through a website maintained by the SEC. The address of the SEC's website is sec.gov.

Information regarding Samsung Electronics Co., Ltd. can be found on its company website. There is generally less publicly available information about such companies than about companies that are subject to the reporting requirements of the SEC. Further, foreign companies are subject to accounting, auditing and financial reporting standards and requirements that differ from those applicable to U.S. reporting companies.

The graphs below, except where otherwise indicated, show the daily historical closing prices of Micron Technology, Inc., Samsung Electronics Co., Ltd. and SK hynix Inc. from January 1, 2021 through September 15, 2026, adjusted for corporate events, if applicable. We obtained the prices in the graphs below using data from Bloomberg Financial Services, without independent verification. We have taken the descriptions of the underlier stock issuers set forth below from publicly available information without independent verification.

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According to publicly available information, Micron Technology, Inc. provides memory and storage solutions. Information filed with the SEC by the underlier stock issuer under the Exchange Act can be located by referencing its SEC file number 001-10658.

Historical Performance of Micron Technology, Inc.

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According to its publicly available documents, Samsung Electronics Co., Ltd. is a global electronics firm that consists of businesses engaged in the manufacturing and sales of TVs, monitors, refrigerators, washing machines, air conditioners, smartphones, tablets, wearables, network systems, dynamic random-access memory and NAND flash products, mobile application processors, organic light emitting diode panels for smartphones, digital cockpits, car audio, portable speakers, etc. Information regarding Samsung Electronics Co., Ltd. can be found on the company's website at samsung.com/global/ir/. We are not incorporating by reference the website or any material it includes in this prospectus supplement.

Historical Performance of Samsung Electronics Co., Ltd.

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According to publicly available information, SK hynix Inc. is a memory semiconductor company and is engage in the design, manufacture and sale of advanced memory semiconductors. Information filed with the SEC by the underlier stock issuer under the Exchange Act can be located by referencing its SEC file number 001-43391.

The graph below shows the daily historical closing prices of the common shares of SK hynix Inc. trading on the KRX KOSPI Market of the Korea Exchange from the January 1, 2021 through September 15, 2026.

Historical Performance of a Common Share of SK hynix Inc.

The graph below shows the daily historical closing prices of an ADS of SK hynix Inc., representing one-tenth of one common share of SK hynix Inc., from the completion of its initial public offering on July 10, 2026 through September 15, 2026.

Historical Performance of an ADS of SK hynix Inc.

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Where Information About the Underlier Can Be Obtained

Information filed by the trust with the U.S. Securities and Exchange Commission ("SEC") electronically can be reviewed through a website maintained by the SEC. The address of the SEC's website is sec.gov. Information filed with the SEC by the trust, including its reports to shareholders, can be located by referencing its CIK number referred to above.

In addition, information regarding the underlier (including its fees, top ten holdings and weights, sector weights and country weights) may be obtained from other sources including, but not limited to, press releases, newspaper articles, other publicly available documents, and the underlier's website. We are not incorporating by reference the website, the sources listed above or any material they include in this prospectus supplement.

We do not make any representation or warranty as to the accuracy or completeness of any materials referred to above, including any filings made by the trust with the SEC.

We Obtained the Information About the Underlier From the Trust's Publicly Available Information

This prospectus supplement relates only to your warrant and does not relate to the underlier. We have derived all information about the underlier in this prospectus supplement from the publicly available information referred to in the preceding subsection. We have not participated in the preparation of any of those documents or made any "due diligence" investigation or inquiry with respect to the underlier in connection with the offering of your warrant. Furthermore, we do not know whether all events occurring before the date of this prospectus supplement - including events that would affect the accuracy or completeness of the publicly available documents referred to above and the trading price of shares of the underlier - have been publicly disclosed. Subsequent disclosure of any events of this kind or the disclosure of or failure to disclose material future events concerning the underlier could affect the value you will receive at maturity and, therefore, the market value of your warrant.

Neither we nor any of our affiliates make any representation to you as to the performance of the underlier.

We or any of our affiliates may currently or from time to time engage in business with the trust, including making loans to or equity investments in the trust or providing advisory services to the trust, including merger and acquisition advisory services. In the course of that business, we or any of our affiliates may acquire non-public information about the trust and, in addition, one or more of our affiliates may publish research reports about the underlier. As an investor in a warrant, you should undertake such independent investigation of the trust as in your judgment is appropriate to make an informed decision with respect to an investment in a warrant.

Historical Closing Levels of the Underlier

The closing level of the underlier has fluctuated in the past and may, in the future, experience significant fluctuations. In particular, the underlier has recently experienced extreme and unusual volatility. Any historical upward or downward trend in the closing levels of the underlier during the period shown below is not an indication that the underlier is more or less likely to increase or decrease at any time during the life of your warrants.

You should not take the historical levels of the underlier as an indication of the future performance of the underlier, including because of recent volatility described above. We cannot give you any assurance that the future performance of the underlier or the underlier stocks will result in you receiving a positive return on your investment.

Neither we nor any of our affiliates make any representation to you as to the performance of the underlier. Before investing in the offered warrants, you should consult publicly available information to determine the levels of the underlier between the date of this prospectus supplement and the date of your purchase of the offered warrants and, given the recent volatility described above, you should pay particular attention to recent levels of the underlier. The actual performance of the underlier over the life of the offered warrants, as well as the cash settlement amount, may bear little relation to the historical levels shown below.

The graph below shows the daily historical closing levels of the underlier from April 2, 2026 (the date the underlier was launched) through September 15, 2026. As a result, the following graph does not reflect the global financial crisis which began in 2008, which had a materially negative impact on the price of most equity securities and, as a result, the level of most equity ETFs. We obtained the closing levels in the graph below from Bloomberg Financial Services, without independent verification.

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Historical Performance of the Roundhill Memory ETF

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SUPPLEMENTAL DISCUSSION OF U.S. FEDERAL INCOME TAX CONSEQUENCES

The following section supplements the discussion of U.S. federal income taxation in the accompanying prospectus. The following section is the opinion of Sidley Austin llp, counsel to GS Finance Corp. and The Goldman Sachs Group, Inc.

This section does not apply to a holder that is a member of a class of holders subject to special rules, such as:

● a dealer in securities or currencies;

● a trader in securities that elects to use a mark-to-market method of accounting for your securities holdings;

● a bank;

● a life insurance company;

● a regulated investment company;

● an accrual method taxpayer subject to special tax accounting rules as a result of its use of financial statements;

● a tax exempt organization;

● a partnership;

● a person that owns a warrant as a hedge or that is hedged against interest rate risks;

● a person that owns a warrant as part of a straddle or conversion transaction for tax purposes; or

● a United States holder (as defined below) whose functional currency for tax purposes is not the U.S. dollar.

Although this section is based on the U.S. Internal Revenue Code of 1986, as amended, its legislative history, existing and proposed regulations under the Internal Revenue Code, published rulings and court decisions, all as currently in effect, no statutory, judicial or administrative authority directly discusses how the warrants should be treated for U.S. federal income tax purposes, and as a result, the U.S. federal income tax consequences of an investment in the warrants are uncertain. Moreover, these laws are subject to change, possibly on a retroactive basis.

United States Holders

This section only applies to a United States holder that holds warrants as a capital asset for tax purposes. A holder is a United States holder if such holder is a beneficial owner of a warrant and is:

● a citizen or resident of the United States;

● a domestic corporation;

● an estate whose income is subject to U.S. federal income tax regardless of its source; or

● a trust if a United States court can exercise primary supervision over the trust's administration and one or more United States persons are authorized to control all substantial decisions of the trust.

Tax Treatment. In the opinion of our counsel, Sidley Austin LLP, under current law, a warrant should be treated as a put option for U.S. federal income tax purposes. The following discussion assumes that a warrant will be treated as a put option for U.S. federal income tax purposes.

Assuming that the treatment of a warrant as a put option for U.S. federal income tax purposes is respected, a United States holder should not be required to recognize taxable income over the term of the warrants prior to settlement of the warrants, other than pursuant to a sale or exchange of the warrants prior to settlement.

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A United States holder's tax basis in a warrant should equal the amount paid by the United States holder to acquire the warrant.

Upon a sale or exchange of a warrant, or upon a lapse or cash settlement of a warrant, a United States holder should recognize short-term capital gain or loss in an amount equal to the difference between the amount realized, if any, upon the sale, exchange, lapse or cash settlement of the warrant and the United States holder's tax basis in the warrant sold, exchanged, lapsed or cash settled.

Backup Withholding and Information Reporting

Backup withholding may apply in respect of payments on the warrants and the payment of proceeds from a sale or other disposition of warrants, unless a United States holder provides proof of an applicable exemption or correct taxpayer identification number and otherwise complies with the applicable requirements of the backup withholding rules. The amounts withheld under the backup withholding rules are not an additional tax and may be refunded or credited against the United States holder's U.S. federal income tax liability, provided that the required information is timely provided to the Internal Revenue Service. In addition, information reports may be filed with the Internal Revenue Service in connection with payments on the warrants and the payment of gross proceeds from a sale or other disposition of warrants, unless the United States holder provides proof of an applicable exemption from the information reporting rules.

Non-United States Holders

This section only applies to a non-United States holder. A holder is a non-United States holder if such holder is a beneficial owner of a warrant and is, for U.S. federal income tax purposes:

● a nonresident alien individual;

● a foreign corporation; or

● an estate or trust that in either case is not subject to U.S. federal income tax on a net income basis on income or gain from the warrants.

A non-United States holder should not be subject to U.S. federal income tax or withholding tax in respect of amounts paid to the non-United States holder.

A non-United States holder may be subject to generally applicable information reporting and backup withholding requirements as discussed in the accompanying prospectus under "United States Taxation - Taxation of Debt Securities - Backup Withholding and Information Reporting - Non-United States Holders" with respect to payments on the warrants at maturity as well as in connection with the proceeds from a sale, exchange or other disposition of the warrants, unless the non-United States holder complies with the requirements necessary to avoid backup withholding (in which case such non-United States holder will not be subject to such backup withholding) as set forth under "United States Taxation - Taxation of Debt Securities - Non-United States Holders" in the accompanying prospectus.

In addition, the Treasury Department has issued regulations under which amounts paid or deemed paid on certain financial instruments ("871(m) financial instruments") that are treated as attributable to U.S.-source dividends could be treated, in whole or in part depending on the circumstances, as a "dividend equivalent" payment that is subject to tax at a rate of 30% (or a lower rate under an applicable treaty), which in the case of any amounts a non-United States holder receives upon the sale, exchange, lapse or cash settlement of the warrants, could be collected via withholding. If these regulations were to apply to the warrants, we may be required to withhold such taxes if any U.S.-source dividends are paid on the underlier during the term of the warrants. We could also require a non-United States holder to make certifications (e.g., an applicable Internal Revenue Service Form W-8) prior to the maturity of the warrants in order to avoid or minimize withholding obligations, and we could withhold accordingly (subject to a non-United States holder's potential right to claim a refund from the Internal Revenue Service) if such certifications were not received or were not satisfactory. If withholding was required, we would not be required to pay any additional amounts with respect to amounts so withheld. These regulations generally will apply to 871(m) financial instruments (or a combination of financial instruments treated as having been entered into in connection with each other) issued (or significantly modified and treated as retired and reissued) on or after January 1, 2027, but will also apply to certain 871(m) financial instruments (or a combination of financial instruments treated as having been entered into in connection with each other) that have a delta (as defined in the applicable Treasury regulations) of one and are issued (or significantly modified and treated as retired and

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reissued) on or after January 1, 2017. In addition, these regulations will not apply to financial instruments that reference a "qualified index" (as defined in the regulations). Due to the economic terms of the warrants, we have determined that the warrants will not be subject to withholding under these rules. In certain limited circumstances, however, a non-United States holder should be aware that it is possible for non-United States holders to be liable for tax under these rules with respect to a combination of transactions treated as having been entered into in connection with each other even when no withholding is required. A non-United States holder should consult their tax advisor concerning these regulations, subsequent official guidance and regarding any other possible alternative characterizations of the warrants for U.S. federal income tax purposes.

Foreign Account Tax Compliance Act (FATCA) Withholding

Foreign Account Tax Compliance Act (FATCA) withholding (as described in "United States Taxation-Taxation of Debt Securities-Foreign Account Tax Compliance Act (FATCA) Withholding" in the accompanying prospectus) should not apply to the warrants.

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This section is only relevant to you if you are an insurance company or the fiduciary of a pension plan or an employee benefit plan (including a governmental plan, an IRA or a Keogh Plan) proposing to invest in the warrants.

The U.S. Employee Retirement Income Security Act of 1974, as amended ("ERISA") and the U.S. Internal Revenue Code of 1986, as amended (the "Code"), prohibit certain transactions ("prohibited transactions") involving the assets of an employee benefit plan that is subject to the fiduciary responsibility provisions of ERISA or Section 4975 of the Code (including individual retirement accounts, Keogh plans and other plans described in Section 4975(e)(1) of the Code) (a "Plan") and certain persons who are "parties in interest" (within the meaning of ERISA) or "disqualified persons" (within the meaning of the Code) with respect to the Plan; governmental plans may be subject to similar prohibitions unless an exemption applies to the transaction. The assets of a Plan may include assets held in the general account of an insurance company that are deemed "plan assets" under ERISA or assets of certain investment vehicles in which the Plan invests. Each of The Goldman Sachs Group, Inc. and certain of its affiliates may be considered a "party in interest" or a "disqualified person" with respect to many Plans, and, accordingly, prohibited transactions may arise if the warrants are acquired by or on behalf of a Plan unless those warrants are acquired and held pursuant to an available exemption. In general, available exemptions include: transactions effected on behalf of that Plan by a "qualified professional asset manager" (prohibited transaction exemption 84-14) or an "in-house asset manager" (prohibited transaction exemption 96-23), transactions involving insurance company general accounts (prohibited transaction exemption 95-60), transactions involving insurance company pooled separate accounts (prohibited transaction exemption 90-1), transactions involving bank collective investment funds (prohibited transaction exemption 91-38) and transactions with service providers under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code where the Plan receives no less and pays no more than "adequate consideration" (within the meaning of Section 408(b)(17) of ERISA and Section 4975(f)(10) of the Code). The person making the decision on behalf of a Plan or a governmental plan shall be deemed, on behalf of itself and the plan, by purchasing and holding the warrants, or exercising any rights related thereto, to represent that (a) the plan will receive no less and pay no more than "adequate consideration" (within the meaning of Section 408(b)(17) of ERISA and Section 4975(f)(10) of the Code) in connection with the purchase and holding of the warrants, (b) none of the purchase, holding or disposition of the warrants or the exercise of any rights related to the warrants will result in a non-exempt prohibited transaction under ERISA or the Code (or, with respect to a governmental plan, under any similar applicable law or regulation), and (c) neither The Goldman Sachs Group, Inc. nor any of its affiliates is a "fiduciary" (within the meaning of Section 3(21) of ERISA) or, with respect to a governmental plan, under any similar applicable law or regulation) with respect to the purchaser or holder in connection with such person's acquisition, disposition or holding of the warrants, or as a result of any exercise by The Goldman Sachs Group, Inc. or any of its affiliates of any rights in connection with the warrants, and neither The Goldman Sachs Group, Inc. nor any of its affiliates has provided investment advice in connection with such person's acquisition, disposition or holding of the warrants.

If you are an insurance company or the fiduciary of a pension plan or an employee benefit plan (including a governmental plan, an IRA or a Keogh plan), and propose to invest in the warrants, you should consult your legal counsel.

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GS Finance Corp. will sell to GS&Co., and GS&Co. will purchase from GS Finance Corp., the aggregate premium amount of the offered warrants specified on the front cover of this prospectus supplement. GS&Co. proposes initially to offer the warrants to the public at the original issue price set forth on the cover page of this prospectus supplement, and to certain securities dealers at such price less a concession not in excess of % of the notional amount.

In connection with the initial offering of the warrants, the minimum number of warrants that may be purchased by any investor is 18, resulting in an aggregate minimum premium amount per investor of $1,035.

In the future, GS&Co. or other affiliates of GS Finance Corp. may repurchase and resell the offered warrants in market-making transactions, with resales being made at prices related to prevailing market prices at the time of resale or at negotiated prices. GS Finance Corp. estimates that its share of the total offering expenses, excluding underwriting discounts and commissions, will be approximately $ . For more information about the plan of distribution and possible market-making activities, see "Plan of Distribution" in the accompanying prospectus.

We expect to deliver the warrants against payment therefor in New York, New York on , 2026. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade warrants on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.

We have been advised by GS&Co. that it intends to make a market in the warrants. However, neither GS&Co. nor any of our other affiliates that makes a market is obligated to do so and any of them may stop doing so at any time without notice. No assurance can be given as to the liquidity or trading market for the warrants.

The warrants will not be listed on any securities exchange or interdealer quotation system.

Conflicts of Interest

GS&Co. is an affiliate of GS Finance Corp. and The Goldman Sachs Group, Inc. and, as such, will have a "conflict of interest" in this offering of warrants within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of warrants will be conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell warrants in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.

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We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this prospectus supplement, the accompanying prospectus supplement or the accompanying prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus is an offer to sell only the warrants offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus supplement, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.

TABLE OF CONTENTS
Prospectus Supplement

$

GS Finance Corp.

Roundhill Memory ETF-Linked Put Warrants due

guaranteed by

The Goldman Sachs Group, Inc.

Goldman Sachs & Co. LLC