SEC Form 424B3 filed by Goldman Sachs Group Inc.

Dow Jones Industrial Average Futures Excess Return Index

Overview

The Dow Jones Industrial Average Futures Excess Return Index (current Bloomberg symbol: “DJIAFP Index”), which we also refer to in this index supplement as the “index,” measures the performance of the nearest maturing quarterly E-mini Dow ($5) futures contract (which is the E-mini Dow Jones Industrial AverageSM futures contract (symbol: “YM”)) trading on the Chicago Mercantile Exchange. The Dow Jones Industrial Average® Index is a price-weighted index composed of 30 stocks that measures the performance of some of the largest U.S. companies.

The index has a base date of June 14, 2002, with a base value of 100, as adjusted, and is calculated, maintained and published by S&P Dow Jones Indices LLC.

We have derived all information contained in this index supplement regarding the index from publicly available information. Additional information about the index is available on the following website: spglobal.com/spdji/en/indices/other-strategies/dow-jones-industrial-average-futures-index. We are not incorporating by reference the website or any material it includes in this index supplement.

Your investment in securities linked to the index involves certain risks. See “Selected Risk Factors” on page S-3 to read about investment risks relating to such securities.

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 index supplement, the applicable pricing supplement, the applicable product supplement, if any, the applicable general terms supplement, if any, the accompanying underlier supplement, the accompanying prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.

The securities 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

July 2025 Dow Jones Industrial Average Futures Excess Return Index Supplement dated July 22, 2025.

Comparative Performance Data

Index Performance Compared to its Parent Index and a Select Broad-Based Stock Index

For comparative purposes, the graph below shows the performance, from January 2, 2020 through July 1, 2025, of the Dow Jones Industrial Average Futures Excess Return Index (in black), the Dow Jones Industrial Average® (in blue) and a broad-based equity index, the S&P 500® Index (in green). The S&P 500® Index seeks to track a representative sample of 500 companies in leading industries of the U.S. economy.

For comparative purposes, each of the Dow Jones Industrial Average Futures Excess Return Index, the Dow Jones Industrial Average® and the S&P 500® Index have been adjusted to have a closing level of 100.00 on January 2, 2020 by dividing the applicable closing level on each day by that index’s closing level on January 2, 2020 and multiplying the quotient by 100.00.

The daily historical closing levels of the indices used to create this graph were obtained from Bloomberg Financial Services, without independent verification. You should not take this graph or the historical closing levels of the indices used to create this graph as an indication of the future performance of any index, including the Dow Jones Industrial Average Futures Excess Return Index, or the correlation (if any) between the level of the Dow Jones Industrial Average Futures Excess Return Index and the levels of the Dow Jones Industrial Average® or the S&P 500® Index.

Comparative Performance of the Dow Jones Industrial Average Futures Excess Return Index (DJIAFP), the Dow Jones Industrial Average® (INDU) and a Broad-Based Stock Index (SPX)

Index Annualized Return Compared to its Parent Index and a Select Broad-Based Stock Index

The following table provides a comparison of the annualized returns of the Dow Jones Industrial Average Futures Excess Return Index, the Dow Jones Industrial Average® and the S&P 500® Index for the applicable period ended July 1, 2025. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the applicable index during the applicable time period. You should not take the annualized returns of the indices as an indication of the future performance of any index, including the Dow Jones Industrial Average Futures Excess Return Index.

Comparison of Annualized Returns of the Dow Jones Industrial Average Futures Excess Return Index, the Dow Jones Industrial Average® and a Broad-Based Stock Index

Selected Risk Factors

An investment in securities linked to the index is subject to the risks described below as well as the risks and considerations described in the accompanying underlier supplement no. 45, the applicable pricing supplement, the applicable product supplement, if any, the applicable general terms supplement, if any, the accompanying prospectus supplement and the accompanying prospectus. The following risk factors are discussed in greater detail in the accompanying underlier supplement no. 45. References below to “reference equity index” mean the “Dow Jones Industrial Average®”.

About This Index Supplement

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

We have not authorized anyone to provide any information or to make any representations other than those contained in or incorporated by reference in this index supplement, the accompanying underlier supplement no. 45, 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 provide. This index supplement addendum is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this index supplement addendum, the accompanying index supplement no. 45, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.

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