SEC Form FWP filed by Goldman Sachs Group Inc.

Market Linked Securities — Auto-Callable with Leveraged Upside Participation and Fixed Percentage Buffered Downside

Principal at Risk Securities Linked to the Lowest Performing of the S&P 500® Index, the EURO STOXX 50® Index and the Nasdaq-100 Index® due April 18, 2030

Summary of Terms

Company (Issuer) and Guarantor:

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

CUSIP:

40058HNL9

Tax consequences:

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

Market measures (each referred to as an “underlier,” and collectively as the “underliers”):

the S&P 500® Index, the EURO STOXX 50® Index and the Nasdaq-100 Index®

Hypothetical Payout Profile*

Pricing date:

expected to be April 15, 2025

* assumes a call premium of 17.10% of the face amount.

If the securities are automatically called, the positive return on the securities will be limited to the call premium, even if the closing level of the lowest performing underlier on the call date significantly exceeds its starting level. If the securities are automatically called, you will not have the opportunity to participate in any appreciation of any underlier at the upside participation rate.

If the securities are not automatically called and the ending level of the lowest performing underlier on the calculation day is less than its threshold level, you will have 1-to-1 downside exposure to the decrease in the level of the lowest performing underlier in excess of the buffer amount and will lose some, and possibly up to 60%, of the face amount of your securities at maturity.

You should read the accompanying preliminary pricing supplement dated April 10, 2025 which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

The securities are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:

Issue date:

expected to be April 21, 2025

Calculation day:

expected to be April 15, 2030

Stated maturity date:

expected to be April 18, 2030

Starting level:

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

Ending level:

with respect to an underlier, the closing level of such underlier on the calculation day

Lowest performing underlier:

For the call date or the calculation day, the underlier with the lowest underlier return on that day.

Underlier return:

with respect to an underlier on the call date or the calculation day:

closing level on such day – starting level

starting level

Upside participation rate:

150.00%

Threshold level:

With respect to an underlier, 60% of its starting level

Buffer amount:

40%

Call date:

expected to be April 21, 2026

Call premium:

at least 17.10% of the face amount (at least $171.00 per security)

Call settlement date:

three business days after the call date

Automatic call:

if the closing level of the lowest performing underlier on the call date is greater than or equal to its starting level, the securities will be automatically called, and on the call settlement date the company will pay, for each $1,000 of the outstanding face amount, an amount in cash equal to $1,000 plus the call premium

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

$1,000 × underlier return of the lowest performing underlier on the calculation day × upside participation rate;

Underwriting discount:

up to 2.825% 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 2.825% 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.

The estimated value of your securities at the time the terms of your securities are set on the pricing date is expected to be between $885 and $915 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your securities.

* 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.

About Your Securities

Risk Factors

Risks Related to Structure, Valuation and Secondary Market Sales

Additional Risks Related to the Nasdaq-100 Index®

Risks Related to Tax