Free Writing Prospectus (Form FWP)

Summary of Terms

Company (Issuer) and Guarantor:

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

Market measures (each referred to as an "underlier" and collectively as the "underliers"):

the SPDR® Gold Trust and the iShares® Silver Trust

Pricing date:

expected to be February 27, 2026

Issue date:

expected to be March 4, 2026

Final calculation day:

expected to be February 27, 2029

Stated maturity date:

expected to be March 2, 2029

Starting price:

with respect to an underlier, the fund closing price of such underlier on the pricing date

Ending price:

with respect to an underlier, the fund closing price of such underlier on the final calculation day

Performance factor:

with respect to an underlier on any call date, its fund closing price on such day divided by its starting price (expressed as a percentage)

Lowest performing underlier:

for any call date, the underlier with the lowest performance factor on that day

Automatic call:

if the fund closing price of the lowest performing underlier on any call date is greater than or equal to its applicable call threshold price, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus the call premium applicable to the relevant call date. The last call date is the final calculation day, and payment upon an automatic call on the final calculation day, if applicable, will be made on the stated maturity date.

Call threshold price:

with respect to an underlier, (i) with respect to the first 24 call dates, the starting price and (ii) with respect to the final call date, 70.00% of the starting price

Threshold price:

with respect to an underlier, 70.00% of its starting price

Threshold amount:

30.00%

Call dates and call premiums:

the actual call premium and payment per security upon an automatic call that is applicable to each call date will be determined on the pricing date and will be at least the values specified in the table below

Call settlement date:

three business days after the applicable call date; provided that the call settlement date for the last call date is the stated maturity date

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

$1,000 × performance factor of the lowest performing underlier on the final calculation day

Underwriting discount:

up to 2.575% of the face amount*; Wells Fargo Securities, LLC ("WFS") is the agent for the distribution of the securities. WFS will receive the underwriting discount of up to 2.575% of the aggregate face amount of the securities sold. The agent may resell the securities to Wells Fargo Advisors ("WFA") at the original issue price of the securities less a concession of 2.00% of the aggregate face amount of the securities. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a security WFA sells.

CUSIP:

40058XPN8

Tax consequences:

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

* In addition, in respect of certain securities sold in this offering, GS&Co. may pay a fee of up to 0.30% of the aggregate face amount of the securities sold to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.