# EDGAR Filing Document

**Accession Number:** 0000886982
**File Stem:** 0001193125-25-324852
**Filing Date:** 2025-12
**Character Count:** 117054
**Document Hash:** e8f539383ec3be62249fae010370eac6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-324852.hdr.sgml**: 20251218

**ACCESSION NUMBER**: 0001193125-25-324852

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20251218

**DATE AS OF CHANGE**: 20251218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GOLDMAN SACHS GROUP INC
- **CENTRAL INDEX KEY:** 0000886982
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 134019460
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-284538
- **FILM NUMBER:** 251583303

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLDMAN SACHS GROUP INC/
- **DATE OF NAME CHANGE:** 20010104
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GS Finance Corp.
- **CENTRAL INDEX KEY:** 0001419828
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 260785112
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-284538-03
- **FILM NUMBER:** 251583304

**BUSINESS ADDRESS:**
- **STREET 1:** C/O THE GOLDMAN SACHS GROUP, INC.
- **STREET 2:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282
- **BUSINESS PHONE:** 212-902-1000

**MAIL ADDRESS:**
- **STREET 1:** C/O THE GOLDMAN SACHS GROUP, INC.
- **STREET 2:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282

**December 2025**

Pricing Supplement filed pursuant to Rule 424(b)(2) dated December 16, 2025 / Registration Statement No. 333-284538<br>STRUCTURED INVESTMENTS

Opportunities in International Equities

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| | |
|:---|:---|
| &nbsp;&nbsp;![img216177981_0.jpg](img216177981_0.jpg) | **GS Finance Corp.** |

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$8,011,000 Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029

**Principal at Risk Securities**

**The Trigger Performance Leveraged Upside Securities**<sup>SM</sup> **(Trigger PLUS) do not bear interest and are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.** The amount that you will be paid on your Trigger PLUS at stated maturity is based on the performance of a weighted basket composed of the EURO STOXX 50<sup>®</sup> Index (40.00% weighting), TOPIX (25.00% weighting), the FTSE<sup>®</sup> 100 Index (17.50% weighting), the Swiss Market Index (10.00% weighting) and the S&P/ASX 200 Index (7.50% weighting) as measured from the pricing date to and including the valuation date.

The initial basket value is 100, and the final basket value (the basket closing value on the valuation date) will equal the *sum* of the products, as calculated separately for each index, of: (i) the index closing value of such index on the valuation date *multiplied* by (ii) its multiplier. The multiplier will equal, for each index, the *quotient* of (i) the weighting of such index *multiplied* by 100 *divided* by (ii) its initial basket component value.

At maturity, if the final basket value is *greater than* the initial basket value of 100, the return on your Trigger PLUS will be positive and equal to the *product* of the leverage factor *multiplied* by the basket percent increase. If the final basket value is *equal to* or *less than* the initial basket value but *greater than* or *equal to* the trigger level, you will receive the principal amount of your Trigger PLUS. **However, if the final basket value is less than the trigger level, you will lose a significant portion of your investment. Declines in one or more indices may offset increases in the other indices. Due to the unequal weighting of each index, the performances of the indices with greater weights will have a significantly larger impact on the return on your Trigger PLUS than the performances of the indices with lesser weights.**

The Trigger PLUS are for investors who seek the potential to earn 142.50% of any positive return of the basket, are willing to forgo interest payments and are willing to risk losing their entire investment if the final basket value is less than the trigger level.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;***FINAL TERMS*** *(continued on page PS-2)* | &nbsp;&nbsp;***FINAL TERMS*** *(continued on page PS-2)* | &nbsp;&nbsp;***FINAL TERMS*** *(continued on page PS-2)* |
| &nbsp;&nbsp;**Company (Issuer) / Guarantor:**  | &nbsp;&nbsp;GS Finance Corp. / The Goldman Sachs Group, Inc. | &nbsp;&nbsp;GS Finance Corp. / The Goldman Sachs Group, Inc. |
| &nbsp;&nbsp;**Basket:** | &nbsp;&nbsp;as described more fully below, a weighted basket composed of the EURO STOXX 50<sup>®</sup> Index (current Bloomberg symbol: "SX5E Index"), TOPIX (current Bloomberg symbol: "TPX Index"), the FTSE<sup>®</sup> 100 Index and (current Bloomberg symbol: "UKX Index"), the Swiss Market Index (current Bloomberg symbol: "SMI Index") and the S&P/ASX 200 Index (current Bloomberg symbol: "AS51 Index") | &nbsp;&nbsp;as described more fully below, a weighted basket composed of the EURO STOXX 50<sup>®</sup> Index (current Bloomberg symbol: "SX5E Index"), TOPIX (current Bloomberg symbol: "TPX Index"), the FTSE<sup>®</sup> 100 Index and (current Bloomberg symbol: "UKX Index"), the Swiss Market Index (current Bloomberg symbol: "SMI Index") and the S&P/ASX 200 Index (current Bloomberg symbol: "AS51 Index") |
| &nbsp;&nbsp;**Principal amount:** | &nbsp;&nbsp;$8,011,000 in the aggregate on the original issue date; the aggregate principal amount may be increased if the company, at its sole option, decides to sell an additional amount on a date subsequent to the pricing date. On the stated maturity date, the company will pay, for each $1,000 of the outstanding principal amount, an amount, if any, in cash equal to the payment at maturity. | &nbsp;&nbsp;$8,011,000 in the aggregate on the original issue date; the aggregate principal amount may be increased if the company, at its sole option, decides to sell an additional amount on a date subsequent to the pricing date. On the stated maturity date, the company will pay, for each $1,000 of the outstanding principal amount, an amount, if any, in cash equal to the payment at maturity. |
| &nbsp;&nbsp;**Pricing date:** | &nbsp;&nbsp;December 16, 2025 | &nbsp;&nbsp;December 16, 2025 |
| &nbsp;&nbsp;**Original issue date:** | &nbsp;&nbsp;December 19, 2025 | &nbsp;&nbsp;December 19, 2025 |
| &nbsp;&nbsp;**Valuation date:** | &nbsp;&nbsp;December 29, 2028, subject to adjustment as described in the accompanying general terms supplement  | &nbsp;&nbsp;December 29, 2028, subject to adjustment as described in the accompanying general terms supplement  |
| &nbsp;&nbsp;**Stated maturity date:** | &nbsp;&nbsp;January 4, 2029, subject to adjustment as described in the accompanying general terms supplement | &nbsp;&nbsp;January 4, 2029, subject to adjustment as described in the accompanying general terms supplement |
| &nbsp;&nbsp;**Payment at maturity:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the final basket value is *greater than* the initial basket value, $1,000 + the leveraged upside payment;<br>•if the final basket value is *equal to* or *less than* the initial basket value, but *greater than* or *equal to* the trigger level, $1,000; or<br>•if the final basket value is *less than* the trigger level, $1,000 × the basket performance factor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if the final basket value is *greater than* the initial basket value, $1,000 + the leveraged upside payment;<br>•if the final basket value is *equal to* or *less than* the initial basket value, but *greater than* or *equal to* the trigger level, $1,000; or<br>•if the final basket value is *less than* the trigger level, $1,000 × the basket performance factor |
| &nbsp;&nbsp;**Leveraged upside payment:** | &nbsp;&nbsp;$1,000 × leverage factor × basket percent increase | &nbsp;&nbsp;$1,000 × leverage factor × basket percent increase |
| &nbsp;&nbsp;**Leverage factor:** | &nbsp;&nbsp;142.50% | &nbsp;&nbsp;142.50% |
| &nbsp;&nbsp;**Basket percent increase:** | &nbsp;&nbsp;(final basket value - initial basket value) / initial basket value | &nbsp;&nbsp;(final basket value - initial basket value) / initial basket value |
| &nbsp;&nbsp;**Trigger level:** | &nbsp;&nbsp;80.00% of the initial basket value | &nbsp;&nbsp;80.00% of the initial basket value |
| &nbsp;&nbsp;**Basket performance factor:** | &nbsp;&nbsp;final basket value / initial basket value | &nbsp;&nbsp;final basket value / initial basket value |
| &nbsp;&nbsp;**CUSIP / ISIN:** | &nbsp;&nbsp;40058WD29 / US40058WD297 | &nbsp;&nbsp;40058WD29 / US40058WD297 |
| &nbsp;&nbsp;**Underwriter:** | &nbsp;&nbsp;Goldman Sachs & Co. LLC | &nbsp;&nbsp;Goldman Sachs & Co. LLC |
| &nbsp;&nbsp;**Estimated value:** | &nbsp;&nbsp;approximately $954 per Trigger PLUS. See page PS-3 for more information. | &nbsp;&nbsp;approximately $954 per Trigger PLUS. See page PS-3 for more information. |
| &nbsp;&nbsp;**Original issue price** | &nbsp;&nbsp;**Underwriting discount** | &nbsp;&nbsp;**Net proceeds to the issuer** |
| &nbsp;&nbsp;100% of the principal amount | &nbsp;&nbsp;3.00% ($240,330 in total)\* | &nbsp;&nbsp;97.00% ($7,770,670 in total) |

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\* Morgan Stanley Wealth Management, acting as dealer for the offering, will receive a selling concession of $30.00 for each Trigger PLUS it sells. It has informed us that it intends to internally allocate $5.00 of the selling concession for each Trigger PLUS as a structuring fee.

**Your investment in the Trigger PLUS involves certain risks, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-12.** You should read the disclosure herein to better understand the terms and risks of your investment.

**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 Trigger PLUS 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**

Pricing Supplement No. 21,084 dated December 16, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***FINAL TERMS (continued)*** | &nbsp;&nbsp;&nbsp;***FINAL TERMS (continued)*** | &nbsp;&nbsp;&nbsp;***FINAL TERMS (continued)*** | &nbsp;&nbsp;&nbsp;***FINAL TERMS (continued)*** | &nbsp;&nbsp;&nbsp;***FINAL TERMS (continued)*** |
| &nbsp;&nbsp;**Basket (continued from previous page):** | &nbsp;&nbsp;&nbsp;**Basket component** | &nbsp;&nbsp;&nbsp;**Basket component weighting** | &nbsp;&nbsp;&nbsp;**Initial basket component value** | &nbsp;&nbsp;&nbsp;**Approximate multiplier** |
| &nbsp;&nbsp;**Basket (continued from previous page):** | &nbsp;&nbsp;&nbsp;EURO STOXX 50<sup>®</sup> Index | &nbsp;&nbsp;&nbsp;40.00% | &nbsp;&nbsp;&nbsp;5717.83 | &nbsp;&nbsp;&nbsp;0.006995661 |
| &nbsp;&nbsp;**Basket (continued from previous page):** | &nbsp;&nbsp;&nbsp;TOPIX | &nbsp;&nbsp;&nbsp;25.00% | &nbsp;&nbsp;&nbsp;3370.50 | &nbsp;&nbsp;&nbsp;0.007417297 |
| &nbsp;&nbsp;**Basket (continued from previous page):** | &nbsp;&nbsp;&nbsp;FTSE<sup>®</sup> 100 Index | &nbsp;&nbsp;&nbsp;17.50% | &nbsp;&nbsp;&nbsp;9684.79 | &nbsp;&nbsp;&nbsp;0.001806957 |
| &nbsp;&nbsp;**Basket (continued from previous page):** | &nbsp;&nbsp;&nbsp;Swiss Market Index | &nbsp;&nbsp;&nbsp;10.00% | &nbsp;&nbsp;&nbsp;13056.74 | &nbsp;&nbsp;&nbsp;0.000765888 |
| &nbsp;&nbsp;**Basket (continued from previous page):** | &nbsp;&nbsp;&nbsp;S&P/ASX 200 Index | &nbsp;&nbsp;&nbsp;7.50% | &nbsp;&nbsp;&nbsp;8598.948 | &nbsp;&nbsp;&nbsp;0.000872200 |
| &nbsp;&nbsp;**Basket (continued from previous page):** | &nbsp;&nbsp;&nbsp;*We refer to each basket component singularly as an underlying index and together as the underlying indices. The initial basket component value of each underlying index is the index closing value of such underlying index on the pricing date.* | &nbsp;&nbsp;&nbsp;*We refer to each basket component singularly as an underlying index and together as the underlying indices. The initial basket component value of each underlying index is the index closing value of such underlying index on the pricing date.* | &nbsp;&nbsp;&nbsp;*We refer to each basket component singularly as an underlying index and together as the underlying indices. The initial basket component value of each underlying index is the index closing value of such underlying index on the pricing date.* | &nbsp;&nbsp;&nbsp;*We refer to each basket component singularly as an underlying index and together as the underlying indices. The initial basket component value of each underlying index is the index closing value of such underlying index on the pricing date.* |
| &nbsp;&nbsp;**Initial basket value:** | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;**Final basket value:** | &nbsp;&nbsp;&nbsp;the basket closing value on the valuation date | &nbsp;&nbsp;&nbsp;the basket closing value on the valuation date | &nbsp;&nbsp;&nbsp;the basket closing value on the valuation date | &nbsp;&nbsp;&nbsp;the basket closing value on the valuation date |
| &nbsp;&nbsp;**Basket closing value:** | &nbsp;&nbsp;&nbsp;the basket closing value on any day is the *sum of* the *products of* the basket component closing value of each underlying index *times* the applicable multiplier for such underlying index on such date. | &nbsp;&nbsp;&nbsp;the basket closing value on any day is the *sum of* the *products of* the basket component closing value of each underlying index *times* the applicable multiplier for such underlying index on such date. | &nbsp;&nbsp;&nbsp;the basket closing value on any day is the *sum of* the *products of* the basket component closing value of each underlying index *times* the applicable multiplier for such underlying index on such date. | &nbsp;&nbsp;&nbsp;the basket closing value on any day is the *sum of* the *products of* the basket component closing value of each underlying index *times* the applicable multiplier for such underlying index on such date. |
| &nbsp;&nbsp;**Basket component closing value:** | &nbsp;&nbsp;&nbsp;in the case of each underlying index, the index closing value of such underlying index. | &nbsp;&nbsp;&nbsp;in the case of each underlying index, the index closing value of such underlying index. | &nbsp;&nbsp;&nbsp;in the case of each underlying index, the index closing value of such underlying index. | &nbsp;&nbsp;&nbsp;in the case of each underlying index, the index closing value of such underlying index. |
| &nbsp;&nbsp;**Multiplier:** | &nbsp;&nbsp;&nbsp;Each multiplier was set on the pricing date based on the applicable underlying index's respective initial basket component value so that each underlying index represents its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the Trigger PLUS and will equal, for each underlying index, (i) the *product of* the applicable basket component weighting *times* 100 *divided by* (ii) the applicable initial basket component value. See "Basket—Approximate multiplier" above.  | &nbsp;&nbsp;&nbsp;Each multiplier was set on the pricing date based on the applicable underlying index's respective initial basket component value so that each underlying index represents its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the Trigger PLUS and will equal, for each underlying index, (i) the *product of* the applicable basket component weighting *times* 100 *divided by* (ii) the applicable initial basket component value. See "Basket—Approximate multiplier" above.  | &nbsp;&nbsp;&nbsp;Each multiplier was set on the pricing date based on the applicable underlying index's respective initial basket component value so that each underlying index represents its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the Trigger PLUS and will equal, for each underlying index, (i) the *product of* the applicable basket component weighting *times* 100 *divided by* (ii) the applicable initial basket component value. See "Basket—Approximate multiplier" above.  | &nbsp;&nbsp;&nbsp;Each multiplier was set on the pricing date based on the applicable underlying index's respective initial basket component value so that each underlying index represents its applicable basket component weighting in the predetermined initial basket value. Each multiplier will remain constant for the term of the Trigger PLUS and will equal, for each underlying index, (i) the *product of* the applicable basket component weighting *times* 100 *divided by* (ii) the applicable initial basket component value. See "Basket—Approximate multiplier" above.  |
| &nbsp;&nbsp;**Authorized denominations:** | &nbsp;&nbsp;&nbsp;$1,000 or any integral multiple of $1,000 in excess thereof | &nbsp;&nbsp;&nbsp;$1,000 or any integral multiple of $1,000 in excess thereof | &nbsp;&nbsp;&nbsp;$1,000 or any integral multiple of $1,000 in excess thereof | &nbsp;&nbsp;&nbsp;$1,000 or any integral multiple of $1,000 in excess thereof |
| &nbsp;&nbsp;**Listing:** | &nbsp;&nbsp;&nbsp;the Trigger PLUS will not be listed on any securities exchange or interdealer quotation system | &nbsp;&nbsp;&nbsp;the Trigger PLUS will not be listed on any securities exchange or interdealer quotation system | &nbsp;&nbsp;&nbsp;the Trigger PLUS will not be listed on any securities exchange or interdealer quotation system | &nbsp;&nbsp;&nbsp;the Trigger PLUS will not be listed on any securities exchange or interdealer quotation system |

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**December 2025**

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The issue price, underwriting discount and net proceeds listed on the cover page relate to the Trigger PLUS we sell initially. We may decide to sell additional Trigger PLUS after the date of this pricing 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 the Trigger PLUS will depend in part on the issue price you pay for such Trigger PLUS.

GS Finance Corp. may use this prospectus in the initial sale of the Trigger PLUS. 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 Trigger PLUS 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.***

&nbsp;&nbsp;**Estimated Value of Your Trigger PLUS**<br>*The estimated value of your Trigger PLUS at the time the terms of your Trigger PLUS are set on the pricing date (as determined by reference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) is equal to approximately $954 per $1,000 principal amount, which is less than the original issue price. The value of your Trigger PLUS at any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would initially buy or sell Trigger PLUS (if it makes a market, which it is not obligated to do) and the value that GS&Co. will initially use for account statements and otherwise is equal to approximately the estimated value of your Trigger PLUS at the time of pricing, plus an additional amount (initially equal to $46 per $1,000 principal amount).*<br>*The price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would buy or sell your Trigger PLUS (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-current estimated value of your Trigger PLUS (as determined by reference to GS&Co.'s pricing models) plus (b) any remaining additional amount (the additional amount will decline to zero from the time of pricing through June 24, 2027, as described below). On and after June 25, 2027, the price (not including GS&Co.'s customary bid and ask spreads) at which GS&Co. would buy or sell your Trigger PLUS (if it makes a market) will equal approximately the then-current estimated value of your Trigger PLUS determined by reference to such pricing models.*<br>*With respect to the $46 initial additional amount:*<br>•*$16 will decline to zero on a straight-line basis from the time of pricing through June 24, 2027; and*<br>•*$30 will decline to zero on a straight-line basis from January 16, 2026 through January 29, 2026.*<br>

**December 2025**

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&nbsp;&nbsp;**About Your Trigger PLUS**<br>The Trigger PLUS are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanying documents listed below. This pricing supplement constitutes a supplement to the documents listed below, does not set forth all of the terms of your Trigger PLUS and therefore should be read in conjunction with such documents:<br>•[General terms supplement no. 17,744 dated October 20, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525243221/gts_no._17744_2025_shelf.htm)<br>•[Underlier supplement no. 46 dated September 22, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525211606/underlier_supplement_no.htm)<br>•[Prospectus supplement dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027380/d891153d424b2.htm)<br>•[Prospectus dated February 14, 2025](https://www.sec.gov/Archives/edgar/data/886982/000119312525027379/d860775d424b2.htm)<br>The information in this pricing supplement supersedes any conflicting information in the documents listed above. In addition, some of the terms or features described in the listed documents may not apply to your Trigger PLUS.<br>We refer to the Trigger PLUS we are offering by this pricing supplement as the "offered Trigger PLUS" or the "Trigger PLUS". Each of the offered Trigger PLUS has the terms described in this pricing supplement. Please note that in this pricing supplement, references to "GS Finance Corp.", "we", "our" and "us" mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to "The Goldman Sachs Group, Inc.", our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to "Goldman Sachs" mean The Goldman Sachs Group, Inc. together with its consolidated subsidiaries and affiliates, including us.<br>Please note that, for purposes of this pricing supplement, references in the general terms supplement no. 17,744 to "underlier(s)", "indices", "exchange-traded fund(s)", "index stock(s)", "lesser performing", "trade date", "underlier sponsor", "determination date", "face amount", "level" and "cash settlement amount" shall be deemed to refer to "underlying(s)", "underlying index(es)", "underlying ETF(s)", "underlying stock(s)", "worst performing", "pricing date", "underlying index publisher", "valuation date", "principal amount", "value" and "payment at maturity", respectively. In addition, for purposes of this pricing supplement, references in the general terms supplement no. 17,744 to "trading day" shall be deemed to refer to "underlying business day", "index business day" or "ETF business day", as applicable, and references to "closing level" shall be deemed to refer to "closing price", "closing value", "index closing value" or "ETF closing price", as applicable.<br>Please note that, for purposes of this pricing supplement, references in the underlier supplement no. 46 to "underlier(s)", "indices", "lesser performing", "trade date" and "underlier sponsor" shall be deemed to refer to "underlying(s)", "underlying index(es)", "worst performing", "pricing date" and "underlying index publisher", respectively.<br>The Trigger PLUS will be issued under the senior debt indenture, dated as of October 10, 2008, as supplemented by the First Supplemental Indenture, dated as of February 20, 2015, each among us, as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York Mellon, as trustee. This indenture, as so supplemented and as further supplemented thereafter, is referred to as the "GSFC 2008 indenture" in the accompanying prospectus supplement.<br>The Trigger PLUS will be issued in book-entry form and represented by master note no 3, dated March 22, 2021.<br>

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

Investment Summary

**Trigger Performance Leveraged Upside Securities**

The Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 (the "Trigger PLUS") can be used:

• As an alternative to direct exposure to the basket that enhances returns for any positive performance of the basket.

• To potentially outperform the basket with no limitation on the appreciation potential.

• To provide limited protection against a loss of principal in the event of a decline of the basket from the initial basket value to the final basket value but only if the final basket value is greater than or equal to the trigger level.

However, you will not receive dividends on the stocks comprising the underlying indices (the "underlying index stocks") or any interest payments on your Trigger PLUS.

If the final basket value is less than the trigger level, the Trigger PLUS are exposed on a 1-to-1 basis to the negative performance of the basket from the initial basket value to the final basket value.

**Key Investment Rationale**

The Trigger PLUS offer leveraged exposure to any positive performance of the basket. At maturity, if the basket has appreciated in value, investors will receive the stated principal amount of their investment plus the leveraged upside payment. If the basket has not appreciated in value or has depreciated in value, but the final basket value is greater than or equal to the trigger level, investors will receive the stated principal amount of their investment. However, if the basket has depreciated in value and the final basket value is less than the trigger level, investors will lose 1.00% for every 1.00% decline in the basket value from the pricing date to the valuation date of the Trigger PLUS. Under these circumstances, the payment at maturity will be at least 20.00% less than the stated principal amount, will represent a loss of more than 20.00% and could be zero. **Investors will not receive dividends on the underlying index stocks or any interest payments on the Trigger PLUS and investors may lose their entire initial investment in the Trigger PLUS.** All payments on the Trigger PLUS are subject to the credit risk of GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., as guarantor.

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| | |
|:---|:---|
| **Leveraged Performance**  | The Trigger PLUS offer investors an opportunity to capture enhanced returns relative to a direct investment in the basket. However, investors will not receive dividends on the underlying index stocks or any interest payments on the Trigger PLUS. |
| **Trigger Feature** | At maturity, even if the basket has declined over the term of the Trigger PLUS, you will receive your stated principal amount but only if the final basket value is greater than or equal to the trigger level. |
| **Upside Scenario** | The basket increases in value. In this case, you receive a full return of principal as well as 142.50% of the increase in the value of the basket. For example, if the final basket value is 2.00% greater than the initial basket value, the Trigger PLUS will provide a total return of 2.85% at maturity. |
| **Par Scenario** | The final basket value is less than or equal to the initial basket value but is greater than or equal to the trigger level. In this case, you receive the stated principal amount of $1,000 at maturity even if the basket has depreciated. |
| **Downside Scenario** | The basket declines in value and the final basket value is less than the trigger level. In this case, you receive less than the stated principal amount by an amount proportionate to the decline in the value of the basket from the initial basket value. For example, if the final basket value is 30.00% less than the initial basket value, the Trigger PLUS will provide at maturity a loss of 30.00% of principal. In this case, you receive $700.00 per Trigger PLUS, or 70.00% of the stated principal amount. There is no minimum payment at maturity on the Trigger PLUS, and you could lose your entire investment. |

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**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

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 basket closing values or hypothetical closing values of the underlying indices on the valuation date could have on the payment at maturity assuming all other variables remain constant.

The information in the following examples reflects hypothetical rates of return on the offered Trigger PLUS assuming that they are purchased on the original issue date at the stated principal amount and held to the stated maturity date. If you sell your Trigger PLUS in a secondary market prior to the stated maturity date, your return will depend upon the market value of your Trigger PLUS 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 underlying indices and the creditworthiness of GS Finance Corp., as issuer, and the creditworthiness of The Goldman Sachs Group, Inc., as guarantor.

For these reasons, the actual performance of the basket over the life of your Trigger PLUS, as well as the amount payable at maturity, if any, may bear little relation to the hypothetical examples shown below or to the historical underlying index closing values shown elsewhere in this pricing supplement. For information about the historical values of the underlying indices during recent periods, see "The Basket and the Underlying Indices — Historical Index Closing Values of the Underlying Indices and Basket Closing Values" below.

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 Trigger PLUS, tax liabilities could affect the after-tax rate of return on your Trigger PLUS to a comparatively greater extent than the after-tax return on the underlying index stocks.

The below examples are based on the following terms:

---

| | |
|:---|:---|
| **Stated principal amount:** | $1,000 per Trigger PLUS |
| **Leverage factor:** | 142.50% |
| **Trigger level:** | 80.00% of the initial basket value |

---

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Trigger PLUS Payoff Diagram**<br>

![img216177981_1.jpg](img216177981_1.jpg)

**How it works**

---

| |
|:---|
| **Upside Scenario.** If the final basket value is greater than the initial basket value, investors will receive the $1,000 stated principal amount plus 142.50% of the appreciation of the basket from the pricing date to the valuation date of the Trigger PLUS.<br>If the basket appreciates 2.00%, investors will receive a 2.85% return, or $1,028.50 per Trigger PLUS. |
| **Par Scenario.** If the final basket value is less than or equal to the initial basket value but is greater than or equal to the trigger level, investors will receive the $1,000 stated principal amount per Trigger PLUS.<br> If the basket depreciates 10.00%, investors will receive the $1,000 stated principal amount per Trigger PLUS. |
| **Downside Scenario.** If the final basket value is less than the trigger level, investors will receive an amount that is significantly less than the $1,000 stated principal amount, based on a 1.00% loss of principal for each 1.00% decline in the basket. Under these circumstances, the payment at maturity will be more than 20.00% less than the stated principal amount per Trigger PLUS. There is no minimum payment at maturity on the Trigger PLUS. |
| If the basket depreciates 30.00%, investors will lose 30.00% of their principal and receive only $700.00 per Trigger PLUS at maturity, or 70.00% of the stated principal amount. |

---

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Additional Hypothetical Examples**

The values in the left column of the table below represent hypothetical final basket values and are expressed as percentages of the initial basket value. The amounts in the right column represent the hypothetical payments at maturity, based on the corresponding hypothetical final basket value, and are expressed as percentages of the stated principal amount of a Trigger PLUS (rounded to the nearest one-thousandth of a percent). Thus, a hypothetical payment at maturity of 100.000% means that the value of the cash payment that we would deliver for each $1,000 of the outstanding stated principal amount of the offered Trigger PLUS on the stated maturity date would equal 100.000% of the stated principal amount of a Trigger PLUS, based on the corresponding hypothetical final basket value and the assumptions noted above.

---

| | |
|:---|:---|
| **Hypothetical Final Basket Value**<br>**(as Percentage of Initial Basket Value)** | **Hypothetical Payment at Maturity**<br>**(as Percentage of Stated Principal Amount)** |
| 150.000% | 171.250% |
| 130.000% | 142.750% |
| 120.000% | 128.500% |
| 110.000% | 114.250% |
| 105.000% | 107.125% |
| **100.000%** | **100.000%** |
| 95.000% | 100.000% |
| 90.000% | 100.000% |
| 85.000% | 100.000% |
| **80.000%** | **100.000%** |
| 79.999% | 79.999% |
| 60.000% | 60.000% |
| 50.000% | 50.000% |
| 25.000% | 25.000% |
| **0.000%** | **0.000%** |

---

**As shown in the table above:**

• If the final basket value were determined to be 25.000% of the initial basket value, the payment at maturity that we would deliver on your Trigger PLUS at maturity would be 25.000% of the stated principal amount of your Trigger PLUS. As a result, if you purchased your Trigger PLUS on the original issue date at the stated principal amount and held them to the stated maturity date, you would lose 75.000% of your investment (if you purchased your Trigger PLUS at a premium to stated principal amount you would lose a correspondingly higher percentage of your investment).

The following examples illustrate the hypothetical payment at maturity for each Trigger PLUS based on hypothetical basket component closing values on the valuation date (which we refer to as the final basket component values) for each of the underlying indices, calculated based on the key terms and assumptions above. The values in Column A represent hypothetical initial basket component values for each basket component, and the values in Column B represent the hypothetical final basket component values for each of the underlying indices. The percentages in Column C represent hypothetical final basket component values for each basket component in Column B expressed as percentages of the corresponding hypothetical initial basket component values in Column A. The amounts in Column D represent the applicable multiplier for each basket component, and the amounts in Column E represent the *products* of the values in Column B *times* the corresponding amounts in Column D. The final basket value for each example is shown beneath each example, and will equal the *sum* of the products shown in Column E. The basket percent increase will equal the *quotient* of (i) the final basket value for such example *minus* the initial basket value *divided* by (ii) the initial basket value, expressed as a percentage. The values below have been rounded for ease of analysis.

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Example 1: The final basket value is greater than the initial basket value.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Column A** | &nbsp;&nbsp;**Column B** | &nbsp;&nbsp;**Column C** | &nbsp;&nbsp;**Column D** | &nbsp;&nbsp;**Column E** |
| &nbsp;&nbsp;**Underlying Index** | &nbsp;&nbsp;**Hypothetical Initial Basket Component Value** | &nbsp;&nbsp;**Hypothetical Final Basket Component Value** | &nbsp;&nbsp;**Column B / <br>Column A** | &nbsp;&nbsp;**Hypothetical Multiplier** | &nbsp;&nbsp;**Column B x**<br>**Column D** |
| &nbsp;&nbsp;EURO STOXX 50<sup>®</sup> Index<br>(40.00% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;110.00 | &nbsp;&nbsp;110.00% | &nbsp;&nbsp;0.40000 | &nbsp;&nbsp;44.00 |
| &nbsp;&nbsp;TOPIX<br>(25.00% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;110.00 | &nbsp;&nbsp;110.00% | &nbsp;&nbsp;0.25000 | &nbsp;&nbsp;27.50 |
| &nbsp;&nbsp;FTSE<sup>®</sup> 100 Index<br>(17.50% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;110.00 | &nbsp;&nbsp;110.00% | &nbsp;&nbsp;0.17500 | &nbsp;&nbsp;19.25 |
| &nbsp;&nbsp;Swiss Market Index<br>(10.00% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;110.00 | &nbsp;&nbsp;110.00% | &nbsp;&nbsp;0.10000 | &nbsp;&nbsp;11.00 |
| &nbsp;&nbsp;S&P/ASX 200 Index<br>(7.50% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;110.00 | &nbsp;&nbsp;110.00% | &nbsp;&nbsp;0.07500 | &nbsp;&nbsp;8.25 |
|  |  |  | &nbsp;&nbsp;Final Basket Value: | &nbsp;&nbsp;Final Basket Value: | &nbsp;&nbsp;110.00 |
|  |  |  | &nbsp;&nbsp;Basket Percent Increase: | &nbsp;&nbsp;Basket Percent Increase: | &nbsp;&nbsp;10.00% |

---

In this example, the hypothetical final basket component values for all of the underlying indices are greater than the applicable hypothetical initial basket component values, which results in the hypothetical final basket value being greater than the initial basket value of 100.00. Since the hypothetical final basket value was determined to be 110.00, the hypothetical payment at maturity for each $1,000 principal amount of your Trigger PLUS will equal $1,000 plus the leveraged upside payment, which equals:

$1,000 + ($1,000 × 142.50% × 10.00%) = $1,142.50

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Example 2: The final basket value is less than the initial basket value but greater than the trigger level. The payment at maturity equals the $1,000 principal amount.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Column A** | &nbsp;&nbsp;**Column B** | &nbsp;&nbsp;**Column C** | &nbsp;&nbsp;**Column D** | &nbsp;&nbsp;**Column E** |
| &nbsp;&nbsp;**Basket Component** | &nbsp;&nbsp;**Hypothetical Initial Basket Component Value** | &nbsp;&nbsp;**Hypothetical Final Basket Component Value** | &nbsp;&nbsp;**Column B / <br>Column A** | &nbsp;&nbsp;**Hypothetical Multiplier** | &nbsp;&nbsp;**Column B x**<br>**Column D** |
| &nbsp;&nbsp;EURO STOXX 50<sup>®</sup> Index<br>(40.00% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;90.00% | &nbsp;&nbsp;0.40000 | &nbsp;&nbsp;36.00 |
| &nbsp;&nbsp;TOPIX<br>(25.00% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;90.00% | &nbsp;&nbsp;0.25000 | &nbsp;&nbsp;22.50 |
| &nbsp;&nbsp;FTSE<sup>®</sup> 100 Index<br>(17.50% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;90.00% | &nbsp;&nbsp;0.17500 | &nbsp;&nbsp;15.75 |
| &nbsp;&nbsp;Swiss Market Index<br>(10.00% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;90.00% | &nbsp;&nbsp;0.10000 | &nbsp;&nbsp;9.00 |
| &nbsp;&nbsp;S&P/ASX 200 Index<br>(7.50% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;90.00 | &nbsp;&nbsp;90.00% | &nbsp;&nbsp;0.07500 | &nbsp;&nbsp;6.75 |
|  |  |  | &nbsp;&nbsp;Final Basket Value: | &nbsp;&nbsp;Final Basket Value: | &nbsp;&nbsp;90.00 |

---

In this example, the hypothetical final basket component values for all of the underlying indices are less than the applicable hypothetical initial basket component values, which results in the hypothetical final basket value being less than the initial basket value of 100.00. Since the hypothetical final basket value of 90.00 is greater than the trigger level of 80.00% of the initial basket value but less than the hypothetical initial basket value of 100.00, the hypothetical payment at maturity for each $1,000 principal amount of your Trigger PLUS will equal the principal amount of the Trigger PLUS, or $1,000.

**Example 3: The final basket value is less than the trigger level. The payment at maturity is less than the $1,000 principal amount.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Column A** | &nbsp;&nbsp;**Column B** | &nbsp;&nbsp;**Column C** | &nbsp;&nbsp;**Column D** | &nbsp;&nbsp;**Column E** |
| &nbsp;&nbsp;**Basket Component** | &nbsp;&nbsp;**Hypothetical Initial Basket Component Value** | &nbsp;&nbsp;**Hypothetical Final Basket Component Value** | &nbsp;&nbsp;**Column B / <br>Column A** | &nbsp;&nbsp;**Hypothetical Multiplier** | &nbsp;&nbsp;**Column B x**<br>**Column D** |
| &nbsp;&nbsp;EURO STOXX 50<sup>®</sup> Index<br>(40.00% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;15.00% | &nbsp;&nbsp;0.40000 | &nbsp;&nbsp;6.00 |
| &nbsp;&nbsp;TOPIX<br>(25.00% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;0.25000 | &nbsp;&nbsp;25.00 |
| &nbsp;&nbsp;FTSE<sup>®</sup> 100 Index<br>(17.50% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;0.17500 | &nbsp;&nbsp;17.50 |
| &nbsp;&nbsp;Swiss Market Index<br>(10.00% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;110.00 | &nbsp;&nbsp;110.00% | &nbsp;&nbsp;0.10000 | &nbsp;&nbsp;11.00 |
| &nbsp;&nbsp;S&P/ASX 200 Index<br>(7.50% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;120.00 | &nbsp;&nbsp;120.00% | &nbsp;&nbsp;0.07500 | &nbsp;&nbsp;9.00 |
|  |  |  |  | &nbsp;&nbsp;Final Basket Value: | &nbsp;&nbsp;68.50 |

---

In this example, the hypothetical final basket component value of the EURO STOXX 50<sup>®</sup> Index is less than its hypothetical initial basket component value, while the hypothetical final basket component values of TOPIX and the FTSE<sup>®</sup> 100 Index are equal to their applicable hypothetical initial basket component values and the hypothetical final basket component

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

values of the Swiss Market Index and the S&P/ASX 200 Index are greater than their applicable hypothetical initial basket component values.

Because the basket is unequally weighted, increases in the lower weighted basket components will be offset by a decrease in the more heavily weighted basket component. In this example, the large decline in the EURO STOXX 50<sup>®</sup> Index results in the hypothetical final basket value being less than the initial basket value of 100.00 even though TOPIX

and the FTSE<sup>®</sup> 100 Index remained flat and the Swiss Market Index and the S&P/ASX 200 Index increased.

Since the hypothetical final basket value of 68.50 is less than the trigger level of 80.00% of the hypothetical initial basket value, the hypothetical payment at maturity for each $1,000 principal amount of your Trigger PLUS will equal:

$1,000 x (68.50/100.00) = $685.00

**Example 4: The final basket value is less than the trigger level. The payment at maturity is less than the $1,000 principal amount.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Column A** | &nbsp;&nbsp;**Column B** | &nbsp;&nbsp;**Column C** | &nbsp;&nbsp;**Column D** | &nbsp;&nbsp;**Column E** |
| &nbsp;&nbsp;**Basket Component** | &nbsp;&nbsp;**Hypothetical Initial Basket Component Value** | &nbsp;&nbsp;**Hypothetical Final Basket Component Value** | &nbsp;&nbsp;**Column B / <br>Column A** | &nbsp;&nbsp;**Hypothetical Multiplier** | &nbsp;&nbsp;**Column B x**<br>**Column D** |
| &nbsp;&nbsp;EURO STOXX 50<sup>®</sup> Index<br>(40.00% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;60.00 | &nbsp;&nbsp;60.00% | &nbsp;&nbsp;0.40000 | &nbsp;&nbsp;24.00 |
| &nbsp;&nbsp;TOPIX<br>(25.00% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;60.00 | &nbsp;&nbsp;60.00% | &nbsp;&nbsp;0.25000 | &nbsp;&nbsp;15.00 |
| &nbsp;&nbsp;FTSE<sup>®</sup> 100 Index<br>(17.50% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;60.00 | &nbsp;&nbsp;60.00% | &nbsp;&nbsp;0.17500 | &nbsp;&nbsp;10.50 |
| &nbsp;&nbsp;Swiss Market Index<br>(10.00% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;60.00 | &nbsp;&nbsp;60.00% | &nbsp;&nbsp;0.10000 | &nbsp;&nbsp;6.00 |
| &nbsp;&nbsp;S&P/ASX 200 Index<br>(7.50% weighting) | &nbsp;&nbsp;100.00 | &nbsp;&nbsp;60.00 | &nbsp;&nbsp;60.00% | &nbsp;&nbsp;0.07500 | &nbsp;&nbsp;4.50 |
|  |  |  |  | &nbsp;&nbsp;Final Basket Value: | &nbsp;&nbsp;60.00 |

---

In this example, the hypothetical final basket component values for all of the underlying indices are less than the applicable hypothetical initial basket component values, which results in the hypothetical final basket value being less than the initial basket value of 100.00. Since the hypothetical final basket value of 60.00 is less than the trigger level of 80.00% of the hypothetical initial basket value, the hypothetical payment at maturity for each $1,000 principal amount of your Trigger PLUS will equal:

$1,000 x (60.00/100.00) = $600.00

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

Risk Factors

*An investment in your Trigger PLUS is subject to the risks described below, as well as the risks and considerations described in the accompanying prospectus, in the accompanying prospectus supplement, under "Additional Risk Factors Specific to the Securities" in the accompanying underlier supplement and under "Additional Risk Factors Specific to the Notes" in the accompanying general terms supplement. You should carefully review these risks and considerations as well as the terms of the Trigger PLUS described herein and in the accompanying prospectus, the accompanying prospectus supplement, the accompanying underlier supplement and the accompanying general terms supplement. Your Trigger PLUS are a riskier investment than ordinary debt securities. Also, your Trigger PLUS are not equivalent to investing directly in the underlying index stocks, i.e., with respect to an underlying index to which your Trigger PLUS are linked, the stocks comprising such underlying index. You should carefully consider whether the offered Trigger PLUS are appropriate given your particular circumstances.*<br>

**<u>Risks Related to Structure, Valuation and Secondary Market Sales</u>**

**Your Trigger PLUS Do Not Bear Interest**

You will not receive any interest payments on your Trigger PLUS. As a result, even if the payment at maturity payable for your Trigger PLUS on the stated maturity date exceeds the stated principal amount of your Trigger PLUS, the overall return you earn on your Trigger PLUS may be less than you would have earned by investing in a non-indexed debt security of comparable maturity that bears interest at a prevailing market rate.

**You May Lose Your Entire Investment in the Trigger PLUS**

You can lose your entire investment in the Trigger PLUS. The cash payment on your Trigger PLUS, if any, on the stated maturity date will be based on the performance of a weighted basket composed of the underlying indices as measured from the initial basket value to the basket closing value on the valuation date. If the final basket value is *less than* the trigger level, you will lose 1.00% of the stated principal amount of your Trigger PLUS for every 1.00% decline in the basket value from the pricing date to the valuation date of the Trigger PLUS, and you will lose a significant portion or all of your investment. Thus, you may lose your entire investment in the Trigger PLUS.

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

**The Return on Your Trigger PLUS May Change Significantly Despite Only a Small Incremental Change in the Value of the Basket**

If the final basket value is less than the trigger level, you will lose all or a substantial portion of your investment in the Trigger PLUS. This means that while a decrease in the final basket value to the trigger level will not result in a loss of principal on the Trigger PLUS, a decrease in the final basket value to less than the trigger level will result in a loss of a significant portion of the stated principal amount of the Trigger PLUS despite only a small incremental change in the value of the basket.

**The Trigger PLUS Are Subject to the Credit Risk of the Issuer and the Guarantor**

Although the return on the Trigger PLUS will be based on the performance of the underlying indices, the payment of any amount due on the Trigger PLUS is subject to the credit risk of GS Finance Corp., as issuer of the Trigger PLUS, and the credit risk of The Goldman Sachs Group, Inc., as guarantor of the Trigger PLUS. The Trigger PLUS are our unsecured obligations. Investors are dependent on our ability to pay all amounts due on the Trigger PLUS, 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 Trigger PLUS, to pay all amounts due on the Trigger PLUS, and therefore are also subject to its credit risk and to changes in the market's view of its creditworthiness. See "Description of the Notes We May Offer — Information About Our Medium-Term Notes, Series F Program — How the Notes Rank Against Other Debt" on page S-5 of the accompanying prospectus supplement and

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

"Description of Debt Securities We May Offer— Guarantee by The Goldman Sachs Group, Inc." on page 67 of the accompanying prospectus.

**The Lower Performance of One or More Underlying Indices May Offset an Increase in Any of the Other Underlying Indices**

Declines in the value of one or more underlying indices may offset an increase in the value of any of the other underlying indices. As a result, any return on the basket — and thus on your Trigger PLUS — may be reduced or eliminated, which will have the effect of reducing the amount payable in respect of your Trigger PLUS at maturity. In addition, because the underlying indices are not equally weighted, increases in the lower weighted underlying indices may be offset by even small decreases in the more heavily weighted underlying index.

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

The original issue price for your Trigger PLUS exceeds the estimated value of your Trigger PLUS as of the time the terms of your Trigger PLUS are set on the pricing date, as determined by reference to GS&Co.'s pricing models and taking into account our credit spreads. Such estimated value on the pricing date is set forth above under "Estimated Value of Your Trigger PLUS"; after the pricing 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 Trigger PLUS (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 Trigger PLUS 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 Trigger PLUS") will decline to zero over the period from the date hereof through the applicable date set forth above under "Estimated Value of Your Trigger PLUS". Thereafter, if GS&Co. buys or sells your Trigger PLUS 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 Trigger PLUS at any time also will reflect its then current bid and ask spread for similar sized trades of structured securities.

In estimating the value of your Trigger PLUS as of the time the terms of your Trigger PLUS are set on the pricing date, as disclosed above under "Estimated Value of Your Trigger PLUS", 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 Trigger PLUS. 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 Trigger PLUS in the secondary market, if any, to others may differ, perhaps materially, from the estimated value of your Trigger PLUS 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 Trigger PLUS May Be Influenced By Many Unpredictable Factors" below.

The difference between the estimated value of your Trigger PLUS as of the time the terms of your Trigger PLUS are set on the pricing 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 Trigger PLUS, 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 Trigger PLUS. 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 Trigger PLUS.

In addition to the factors discussed above, the value and quoted price of your Trigger PLUS at any time will reflect many factors and cannot be predicted. If GS&Co. makes a market in the Trigger PLUS, 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 Trigger PLUS, including the price you may receive for your Trigger PLUS in any market making transaction. To the extent that GS&Co. makes a market in the Trigger PLUS, the quoted price will reflect the estimated value determined by reference to GS&Co.'s pricing models at that time, plus or minus its

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

then current bid and ask spread for similar sized trades of structured Trigger PLUS (and subject to the declining excess amount described above).

Furthermore, if you sell your Trigger PLUS, 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 Trigger PLUS in a secondary market sale.

There is no assurance that GS&Co. or any other party will be willing to purchase your Trigger PLUS at any price and, in this regard, GS&Co. is not obligated to make a market in the Trigger PLUS. See "Additional Risk Factors Specific to the Notes — Your Notes May Not Have an Active Trading Market" on page S-7 of the accompanying general terms supplement.

**The Amount Payable on Your Trigger PLUS Is Not Linked to the Index Closing Values of the Underlying Indices at Any Time Other than the Valuation Date**

The final basket value will be based on the index closing value of each of the underlying indices on the valuation date (subject to adjustment as described elsewhere in this pricing supplement). Therefore, if the index closing values of the underlying indices dropped precipitously on the valuation date, the payment at maturity for your Trigger PLUS may be significantly less than it would have been had the payment at maturity been linked to the index closing values prior to such drop in the values of the underlying indices. Although the actual value of the underlying indices on the stated maturity date or at other times during the life of your Trigger PLUS may be higher than the index closing values of the underlying indices on the valuation date, you will not benefit from the index closing values of the underlying indices at any time other than on the valuation date.

## The Market Value of Your Trigger PLUS May Be Influenced By Many Unpredictable Factors
When we refer to the market value of your Trigger PLUS, we mean the value that you could receive for your Trigger PLUS if you chose to sell them in the open market before the stated maturity date. A number of factors, many of which are beyond our control, will influence the market value of your Trigger PLUS, including:

• the value of the basket and the underlying indices;

• the volatility – i.e., the frequency and magnitude of changes – in the index closing values of the underlying indices;

• the dividend rates of the underlying index stocks;

• economic, financial, regulatory, political, military, public health and other events that affect stock markets generally and the underlying index stocks, and which may affect the index closing values of the underlying indices;

• interest rates and yield rates in the market;

• the time remaining until your Trigger PLUS mature; and

• our creditworthiness and the creditworthiness of The Goldman Sachs Group, Inc., whether actual or perceived, including actual or anticipated upgrades or downgrades in our credit ratings or the credit ratings of The Goldman Sachs Group, Inc. or changes in other credit measures.

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

These factors, and many other factors, will influence the price you will receive if you sell your Trigger PLUS before maturity, including the price you may receive for your Trigger PLUS in any market making transaction. If you sell your Trigger PLUS before maturity, you may receive less than the principal amount of your Trigger PLUS or the amount you may receive at maturity.

You cannot predict the future performance of the underlying indices based on their historical performance. The actual performance of the underlying indices over the life of the offered Trigger PLUS or the payment at maturity may bear little or no relation to the historical index closing values of the underlying indices or to the hypothetical examples shown elsewhere in this pricing supplement.

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Investing in the Trigger PLUS Is Not Equivalent to Investing in the Underlying Indices; You Have No Shareholder Rights or Rights to Receive Any Underlying Index Stock**

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

**We May Sell an Additional Aggregate Stated Principal Amount of the Trigger PLUS at a Different Issue Price**

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

**If You Purchase Your Trigger PLUS at a Premium to Stated Principal Amount, the Return on Your Investment Will Be Lower Than the Return on Trigger PLUS Purchased at Stated Principal Amount and the Impact of Certain Key Terms of the Trigger PLUS Will be Negatively Affected**

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

**<u>Risks Related to Conflicts of Interest</u>**

**Other Investors May Not Have the Same Interests as You**

Other investors in the Trigger PLUS 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. The interests of other investors may, in some circumstances, be adverse to your interests. Further, other investors in the market may take short positions (directly or indirectly through derivative transactions) on assets that are the same or similar to your Trigger PLUS, the underlying stocks or other similar securities, which may adversely impact the market for or value of your Trigger PLUS.

**<u>Additional Risks Related to the Basket Components</u>**

**An Investment in the Offered Trigger PLUS Is Subject to Risks Associated with Foreign Securities Markets**

The value of your Trigger PLUS is linked to basket components that are comprised of stocks from one or more foreign securities 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. The United Kingdom ceased to be a

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

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.

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

Government regulatory action, including legislative acts and executive orders, could cause material changes to the composition of an underlying index with underlying index stocks from one or more foreign securities markets and could negatively affect your investment in the Trigger PLUS in a variety of ways, depending on the nature of such government regulatory action and the underlying index 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 securities). If the prohibitions in those executive orders (or prohibitions under other government regulatory action) become applicable to underlying index stocks that are currently included in an underlying index or that in the future are included in an underlying index, such underlying index stocks may be removed from an underlying index. If government regulatory action results in the removal of underlying index stocks that have (or historically have had) significant weight in an underlying index, such removal could have a material and negative effect on the level of such underlying index and, therefore, your investment in the Trigger PLUS. Similarly, if underlying index stocks that are subject to those executive orders or subject to other government regulatory action are not removed from an underlying index, the value of the Trigger PLUS could be materially and negatively affected, and transactions in, or holdings of, the Trigger PLUS may become prohibited under United States law. Any failure to remove such underlying index stocks from an underlying index could result in the loss of a significant portion or all of your investment in the Trigger PLUS, including if you attempt to divest the Trigger PLUS at a time when the value of the Trigger PLUS has declined.

**<u>Risks Related to Tax</u>**

**Your Trigger PLUS May Be Subject to an Adverse Change in Tax Treatment in the Future**

The tax consequences of an investment in your Trigger PLUS are uncertain, both as to the timing and character of any inclusion in income in respect of your Trigger PLUS.

The Internal Revenue Service announced on December 7, 2007 that it is considering issuing guidance regarding the proper U.S. federal income tax treatment of an instrument such as your Trigger PLUS that are currently characterized as pre-paid derivative contracts, and any such guidance could adversely affect the tax treatment and the value of your Trigger PLUS. Among other things, the Internal Revenue Service may decide to require the holders to accrue ordinary income on a current basis and recognize ordinary income on payment at maturity, and could subject non-U.S. investors to withholding tax. Furthermore, in 2007, legislation was introduced in Congress that, if enacted, would have required holders that acquired instruments such as your Trigger PLUS after the bill was enacted to accrue interest income over the term of such instruments even though there will be no interest payments over the term of such instruments. It is not possible to predict whether a similar or identical bill will be enacted in the future, or whether any such bill would affect the tax treatment of your Trigger PLUS. We describe these developments in more detail under "Supplemental Discussion of U.S. Federal Income Tax Consequences" in the accompanying general terms supplement. You should consult your tax advisor about this matter. Except to the extent otherwise provided by law, GS Finance Corp. intends to continue treating the Trigger PLUS for U.S. federal income tax purposes in accordance with the treatment described under "Supplemental

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

Discussion of U.S. Federal Income Tax Consequences" in the accompanying general terms supplement unless and until such time as Congress, the Treasury Department or the Internal Revenue Service determine that some other treatment is more appropriate. Please also consult your tax advisor concerning the U.S. federal income tax and any other applicable tax consequences to you of owning your Trigger PLUS in your particular circumstances.

**Non-United States Holders Should Consider the Withholding Tax Implications of Owning the Trigger PLUS**

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 you receive upon the sale, exchange, or maturity of your Trigger PLUS, could be collected via withholding. If these regulations were to apply to the Trigger PLUS, we may be required to withhold such taxes if any U.S.-source dividends are paid on the stocks included in the underlying basket indices during the term of the Trigger PLUS. We could also require you to make certifications (e.g., an applicable Internal Revenue Service Form W-8) prior to the maturity of the Trigger PLUS in order to avoid or minimize withholding obligations, and we could withhold accordingly (subject to your 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 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). We have determined that, as of the issue date of your Trigger PLUS, your Trigger PLUS will not be subject to withholding under these rules. In certain limited circumstances, however, you 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. You should consult your tax advisor concerning these regulations, subsequent official guidance and regarding any other possible alternative characterizations of your Trigger PLUS for U.S. federal income tax purposes.

**Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Trigger PLUS, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Trigger PLUS to Provide Information to Tax Authorities**

Please see the discussion under "United States Taxation — Taxation of Debt Securities — Foreign Account Tax Compliance Act (FATCA) Withholding" in the accompanying prospectus for a description of the applicability of FATCA to payments made on your Trigger PLUS.

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

The Basket and the Underlying Indices

**The Basket**

The basket is composed of five underlying indices with the following basket component weightings within the basket: the EURO STOXX 50<sup>®</sup> Index (40.00% weighting), TOPIX (25.00% weighting), the FTSE<sup>®</sup> 100 Index (17.50% weighting), the Swiss Market Index (10.00% weighting) and the S&P/ASX 200 Index (7.50% weighting).

EURO STOXX 50<sup>®</sup>Index

The EURO STOXX 50<sup>®</sup> Index is a free-float market capitalization-weighted index of 50 European blue-chip stocks. The 50 stocks included in the EURO STOXX 50<sup>®</sup> Index are allocated to one of the following Eurozone countries based on their country of incorporation, primary listing and largest trading volume: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal and Spain. For more details about the EURO STOXX 50<sup>®</sup> Index, the underlying index publisher and license agreement between the underlying index publisher and the issuer, see "The Underliers — EURO STOXX 50<sup>®</sup> Index" in the accompanying underlier supplement.

The EURO STOXX 50<sup>®</sup> is the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors ("Licensors"), which is used under license. The Trigger PLUS or other financial instruments based on the underlying index are in no way sponsored, endorsed, sold or promoted by STOXX and its Licensors and neither STOXX nor its Licensors shall have any liability with respect thereto.

TOPIX

TOPIX is a free-float-adjusted market capitalization weighted index of domestic common stocks listed on the Tokyo Stock Exchange (TSE) covering an extensive portion of the Japanese stock market. On April 4, 2022, JPX Market Innovation & Research, Inc. (JPXI) began revisions to TOPIX in conjunction with the restructuring of the TSE into three new market segments: the Prime Market, Standard Market or Growth market. Revisions to TOPIX will be carried out in stages from October 2022 to January 2025. Prior to April 4, 2022, TOPIX was comprised of all domestic common stocks listed on the First Section of the TSE. For more details about TOPIX, the underlying index publisher and license agreement between the underlying index publisher and the issuer, see "The Underliers — TOPIX" in the accompanying underlier supplement.

TOPIX Value and TOPIX Marks are subject to the proprietary rights owned by JPXI and JPXI owns all rights and know-how relating to TOPIX such as calculation, publication and use of TOPIX Value and relating to TOPIX Marks. JPXI shall reserve the rights to change the methods of calculation or publication, to cease the calculation or publication of TOPIX Value or to change TOPIX Marks or cease the use thereof. JPXI makes no warranty or representation whatsoever, either as to the results stemmed from the use of TOPIX Value and TOPIX Marks or as to the figure at which TOPIX Value stands on any particular day. JPXI gives no assurance regarding accuracy or completeness of TOPIX Value and data contained therein. Further, JPXI shall not be liable for the miscalculation, incorrect publication, delayed or interrupted publication of TOPIX Value. No Trigger PLUS are in any way sponsored, endorsed or promoted by JPXI JPXI shall not bear any obligation to give an explanation of the Trigger PLUS or an advice on investments to any purchaser of the Trigger PLUS or to the public. JPXI neither selects specific stocks or groups thereof nor takes into account any needs of the issuing company or any purchaser of the Trigger PLUS, for calculation of TOPIX Value. Including but not limited to the foregoing, JPXI shall not be responsible for any damage resulting from the issue and sale of the Trigger PLUS.

FTSE<sup>®</sup> 100 Index

The FTSE<sup>®</sup> 100 Index is a market capitalization-weighted index of the 100 most highly capitalized U.K. listed blue chip companies traded on the London Stock Exchange. For more details about the FTSE<sup>®</sup> 100 Index, the underlying index publisher and license agreement between the underlying index publisher and the issuer, see "The Underliers — FTSE<sup>®</sup> 100 Index" in the accompanying underlier supplement.

"FTSE<sup>®</sup>", "FT-SE<sup>®</sup>", "Footsie<sup>®</sup>", "FTSE4Good<sup>®</sup>" and "techMARK" are trademarks owned by the Exchange and are used by FTSE under license. "All-World<sup>®</sup>", "All-Share<sup>®</sup>" and "All-Small<sup>®</sup>" are trademarks of FTSE.

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

The FTSE<sup>®</sup>100 Index is calculated by FTSE. FTSE does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its issue, operation and trading.

All copyright and database rights in the index values and constituent list vest in FTSE. GS Finance Corp. has obtained full license from FTSE to use such copyrights and database rights in the creation of this product.

Swiss Market Index

The Swiss Market Index is a price return float-adjusted market capitalization-weighted index of the 20 largest and most liquid stocks traded on the SIX Swiss Exchange and represents more than 75% of the free-float market capitalization of the entire Swiss market. For more details about the Swiss Market Index, the underlying index publisher and license agreement between the underlying index publisher and the issuer, see "The Underliers — Swiss Market Index" in the accompanying underlier supplement.

SIX Swiss Exchange AG ("SIX Swiss Exchange") and its licensors ("Licensors") have no relationship to GS Finance Corp., other than the licensing of the SMI<sup>®</sup> and the related trademarks for use in connection with the offered securities.

SIX Swiss Exchange and its Licensors do <u>not</u>:

• sponsor, endorse, sell or promote the offered securities.

• recommend that any person invest in the offered securities or any other securities.

• have any responsibility or liability for or make any decisions about the timing, amount or pricing of the offered securities.

• have any responsibility or liability for the administration, management or marketing of the offered securities.

• consider the needs of the offered securities or the owners of the offered securities in determining, composing or calculating the SMI<sup>®</sup> or have any obligation to do so.

SIX Swiss Exchange and its Licensors give no warranty, and exclude any liability (whether in negligence or otherwise), in connection with the offered securities or their performance.

SIX Swiss Exchange does not assume any contractual relationship with the purchasers of the offered securities or any other third parties.

Specifically, SIX Swiss Exchange and its Licensors do not give any warranty, express or implied, and exclude any liability for:

• The results to be obtained by the offered securities, the owner of the offered securities or any other person in connection with the use of the SMI<sup>®</sup> and the data included in the SMI<sup>®</sup>;

• The accuracy, timeliness, and completeness of the SMI<sup>®</sup> and its data;

• The merchantability and the fitness for a particular purpose or use of the SMI<sup>®</sup> and its data;

• The performance of the offered securities generally.

SIX Swiss Exchange and its Licensors give no warranty and exclude any liability, for any errors, omissions or interruptions in the SMI<sup>®</sup> or its data;

Under no circumstances will SIX Swiss Exchange or its Licensors be liable (whether in negligence or otherwise) for any lost profits or indirect, punitive, special or consequential damages or losses, arising as a result of such errors, omissions or interruptions in the SMI<sup>®</sup> or its data or generally in relation to the offered securities, even in circumstances where SIX Swiss Exchange or its Licensors are aware that such loss or damage may occur.

The licensing Agreement between GS Finance Corp. and SIX Swiss Exchange is solely for their benefit and not for the benefit of the owners of the offered securities or any other third parties.

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

S&P/ASX 200 Index

The S&P/ASX 200 Index includes 200 of the largest and most liquid stocks listed on the Australian Securities Exchange by float-adjusted market capitalization. The S&P/ASX 200 Index is not limited solely to companies having their primary operations or headquarters in Australia or to companies having their primary listing on the ASX, and all securities that have their primary or secondary listing on the ASX are eligible for inclusion. For more details about the S&P/ASX 200 Index, the underlying index publisher and license agreement between the underlying index publisher and the issuer, see "The Underliers — S&P/ASX 200 Index" in the accompanying underlier supplement.

The S&P/ASX 200 Index is a product of S&P Dow Jones Indices LLC, and has been licensed for use by GS Finance Corp. ("Goldman"). Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and these trademarks have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by Goldman. Goldman's securities are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, Standard & Poor's Financial Services LLC or any of their respective affiliates and neither S&P Dow Jones Indices LLC, Dow Jones, Standard & Poor's Financial Services LLC or any of their respective affiliates make any representation regarding the advisability of investing in such securities.

**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Historical Index Closing Values of the Underlying Indices and Basket Closing Values**

The respective index closing values of the underlying indices have fluctuated in the past and may, in the future, experience significant fluctuations. **In particular, the underlying indices have recently experienced extreme and unusual volatility.** Any historical upward or downward trend in the index closing value of any of the underlying indices during any period shown below is not an indication that the underlying indices are more or less likely to increase or decrease at any time during the life of your Trigger PLUS.

**You should not take the historical index closing values of the underlying indices or the historical basket closing values as an indication of the future performance of the underlying indices or the basket, including because of the recent volatility described above.** We cannot give you any assurance that the future performance of the underlying indices, the basket or the underlying index stocks will result in you receiving an amount greater than the outstanding principal amount of your Trigger PLUS on the stated maturity date, or that you will not lose a significant portion or all of your investment.

Neither we nor any of our affiliates make any representation to you as to the performances of the underlying indices. Before investing in the offered Trigger PLUS, you should consult publicly available information to determine the values of the underlying indices between the date of this pricing supplement and the date of your purchase of the offered Trigger PLUS **and, given the recent volatility described above, you should pay particular attention to recent levels of the underlying indices**. The actual performance of each underlying index over the life of the offered Trigger PLUS, as well as the payment at maturity, if any, may bear little relation to the historical index closing values shown below.

The table below shows the high, low and period end index closing values of each underlying index for each of the four calendar quarters in 2020, 2021, 2022, 2023, 2024 and 2025 (through December 16, 2025). We obtained the index closing values listed in the tables below from Bloomberg Financial Services, without independent verification.

**Historical Quarterly High, Low and Period End Index Closing Values of the EURO STOXX 50**<sup>®</sup> **Index**

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High** | &nbsp;&nbsp;**Low** | &nbsp;&nbsp;**Period End** |
| &nbsp;&nbsp;**2020** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;3865.18 | &nbsp;&nbsp;2385.82 | &nbsp;&nbsp;2786.90 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;3384.29 | &nbsp;&nbsp;2662.99 | &nbsp;&nbsp;3234.07 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;3405.35 | &nbsp;&nbsp;3137.06 | &nbsp;&nbsp;3193.61 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;3581.37 | &nbsp;&nbsp;2958.21 | &nbsp;&nbsp;3552.64 |
| &nbsp;&nbsp;**2021** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;3926.20 | &nbsp;&nbsp;3481.44 | &nbsp;&nbsp;3919.21 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;4158.14 | &nbsp;&nbsp;3924.80 | &nbsp;&nbsp;4064.30 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;4246.13 | &nbsp;&nbsp;3928.53 | &nbsp;&nbsp;4048.08 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;4401.49 | &nbsp;&nbsp;3996.41 | &nbsp;&nbsp;4298.41 |
| &nbsp;&nbsp;**2022** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;4392.15 | &nbsp;&nbsp;3505.29 | &nbsp;&nbsp;3902.52 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;3951.12 | &nbsp;&nbsp;3427.91 | &nbsp;&nbsp;3454.86 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;3805.22 | &nbsp;&nbsp;3279.04 | &nbsp;&nbsp;3318.20 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;3986.83 | &nbsp;&nbsp;3331.53 | &nbsp;&nbsp;3793.62 |
| &nbsp;&nbsp;**2023** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;4315.05 | &nbsp;&nbsp;3856.09 | &nbsp;&nbsp;4315.05 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;4408.59 | &nbsp;&nbsp;4218.04 | &nbsp;&nbsp;4399.09 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;4471.31 | &nbsp;&nbsp;4129.18 | &nbsp;&nbsp;4174.66 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;4549.44 | &nbsp;&nbsp;4014.36 | &nbsp;&nbsp;4521.44 |
| &nbsp;&nbsp;**2024** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;5083.42 | &nbsp;&nbsp;4403.08 | &nbsp;&nbsp;5083.42 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;5100.90 | &nbsp;&nbsp;4839.14 | &nbsp;&nbsp;4894.02 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;5067.45 | &nbsp;&nbsp;4571.60 | &nbsp;&nbsp;5000.45 |
| &nbsp;&nbsp;Quarter ended December 31  | &nbsp;&nbsp;5041.01 | &nbsp;&nbsp;4729.71 | &nbsp;&nbsp;4895.98 |
| &nbsp;&nbsp;**2025** |  |  |  |

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**December 2025**

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**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High** | &nbsp;&nbsp;**Low** | &nbsp;&nbsp;**Period End** |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;5540.69 | &nbsp;&nbsp;4871.45 | &nbsp;&nbsp;5248.39 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;5454.65 | &nbsp;&nbsp;4622.14 | &nbsp;&nbsp;5303.24 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;5529.96 | &nbsp;&nbsp;5165.60 | &nbsp;&nbsp;5529.96 |
| &nbsp;&nbsp;Quarter ending December 31 (through December 16, 2025) | &nbsp;&nbsp;5787.31 | &nbsp;&nbsp;5515.09 | &nbsp;&nbsp;5717.83 |

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**Historical Quarterly High, Low and Period End Index Closing Values of TOPIX**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High** | &nbsp;&nbsp;**Low** | &nbsp;&nbsp;**Period End** |
| &nbsp;&nbsp;**2020** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;1744.16 | &nbsp;&nbsp;1236.34 | &nbsp;&nbsp;1403.04 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;1630.72 | &nbsp;&nbsp;1325.13 | &nbsp;&nbsp;1558.77 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;1661.93 | &nbsp;&nbsp;1496.06 | &nbsp;&nbsp;1625.49 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;1819.18 | &nbsp;&nbsp;1579.33 | &nbsp;&nbsp;1804.68 |
| &nbsp;&nbsp;**2021** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;2012.21 | &nbsp;&nbsp;1791.22 | &nbsp;&nbsp;1954.00 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;1983.54 | &nbsp;&nbsp;1849.04 | &nbsp;&nbsp;1943.57 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;2118.87 | &nbsp;&nbsp;1880.68 | &nbsp;&nbsp;2030.16 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;2055.56 | &nbsp;&nbsp;1926.37 | &nbsp;&nbsp;1992.33 |
| &nbsp;&nbsp;**2022** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;2039.27 | &nbsp;&nbsp;1758.89 | &nbsp;&nbsp;1946.40 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;1969.98 | &nbsp;&nbsp;1818.94 | &nbsp;&nbsp;1870.82 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;2006.99 | &nbsp;&nbsp;1835.94 | &nbsp;&nbsp;1835.94 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;2018.80 | &nbsp;&nbsp;1847.58 | &nbsp;&nbsp;1891.71 |
| &nbsp;&nbsp;**2023** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;2071.09 | &nbsp;&nbsp;1868.15 | &nbsp;&nbsp;2003.50 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;2300.36 | &nbsp;&nbsp;1961.28 | &nbsp;&nbsp;2288.60 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;2430.30 | &nbsp;&nbsp;2221.48 | &nbsp;&nbsp;2323.39 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;2391.05 | &nbsp;&nbsp;2218.89 | &nbsp;&nbsp;2366.39 |
| &nbsp;&nbsp;**2024** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;2813.22 | &nbsp;&nbsp;2378.79 | &nbsp;&nbsp;2768.62 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;2809.63 | &nbsp;&nbsp;2626.32 | &nbsp;&nbsp;2809.63 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;2929.17 | &nbsp;&nbsp;2227.15 | &nbsp;&nbsp;2645.94 |
| &nbsp;&nbsp;Quarter ended December 31  | &nbsp;&nbsp;2801.68 | &nbsp;&nbsp;2618.32 | &nbsp;&nbsp;2784.92 |
| &nbsp;&nbsp;**2025** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;2815.47 | &nbsp;&nbsp;2658.73 | &nbsp;&nbsp;2658.73 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;2852.84 | &nbsp;&nbsp;2288.66 | &nbsp;&nbsp;2852.84 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;3187.02 | &nbsp;&nbsp;2811.72 | &nbsp;&nbsp;3137.60 |
| &nbsp;&nbsp;Quarter ending December 31 (through December 16, 2025) | &nbsp;&nbsp;3431.47 | &nbsp;&nbsp;3087.40 | &nbsp;&nbsp;3370.50 |

---

**Historical Quarterly High, Low and Period End Index Closing Values of the FTSE**<sup>®</sup> **100 Index**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High** | &nbsp;&nbsp;**Low** | &nbsp;&nbsp;**Period End** |
| &nbsp;&nbsp;**2020** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;7674.56 | &nbsp;&nbsp;4993.89 | &nbsp;&nbsp;5671.96 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;6484.30 | &nbsp;&nbsp;5415.50 | &nbsp;&nbsp;6169.74 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;6292.65 | &nbsp;&nbsp;5799.08 | &nbsp;&nbsp;5866.10 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;6602.65 | &nbsp;&nbsp;5577.27 | &nbsp;&nbsp;6460.52 |
| &nbsp;&nbsp;**2021** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;6873.26 | &nbsp;&nbsp;6407.46 | &nbsp;&nbsp;6713.63 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;7184.95 | &nbsp;&nbsp;6737.30 | &nbsp;&nbsp;7037.47 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;7220.14 | &nbsp;&nbsp;6844.39 | &nbsp;&nbsp;7086.42 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;7420.69 | &nbsp;&nbsp;6995.87 | &nbsp;&nbsp;7384.54 |
| &nbsp;&nbsp;**2022** |  |  |  |

---

**December 2025**

------

**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High** | &nbsp;&nbsp;**Low** | &nbsp;&nbsp;**Period End** |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;7672.40 | &nbsp;&nbsp;6959.48 | &nbsp;&nbsp;7515.68 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;7669.56 | &nbsp;&nbsp;7016.25 | &nbsp;&nbsp;7169.28 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;7550.37 | &nbsp;&nbsp;6881.59 | &nbsp;&nbsp;6893.81 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;7573.05 | &nbsp;&nbsp;6826.15 | &nbsp;&nbsp;7451.74 |
| &nbsp;&nbsp;**2023** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;8014.31 | &nbsp;&nbsp;7335.40 | &nbsp;&nbsp;7631.74 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;7914.13 | &nbsp;&nbsp;7446.14 | &nbsp;&nbsp;7531.53 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;7731.65 | &nbsp;&nbsp;7256.94 | &nbsp;&nbsp;7608.08 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;7733.24 | &nbsp;&nbsp;7291.28 | &nbsp;&nbsp;7733.24 |
| &nbsp;&nbsp;**2024** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;7952.62 | &nbsp;&nbsp;7446.29 | &nbsp;&nbsp;7952.62 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;8445.80 | &nbsp;&nbsp;7820.36 | &nbsp;&nbsp;8164.12 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;8379.64 | &nbsp;&nbsp;8008.23 | &nbsp;&nbsp;8236.95 |
| &nbsp;&nbsp;Quarter ended December 31  | &nbsp;&nbsp;8385.13 | &nbsp;&nbsp;8025.77 | &nbsp;&nbsp;8173.02 |
| &nbsp;&nbsp;**2025** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;8871.31 | &nbsp;&nbsp;8201.54 | &nbsp;&nbsp;8582.81 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;8884.92 | &nbsp;&nbsp;7679.48 | &nbsp;&nbsp;8760.96 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;9350.43 | &nbsp;&nbsp;8774.69 | &nbsp;&nbsp;9350.43 |
| &nbsp;&nbsp;Quarter ending December 31 (through December 16, 2025) | &nbsp;&nbsp;9911.42 | &nbsp;&nbsp;9354.57 | &nbsp;&nbsp;9684.79 |

---

**Historical Quarterly High, Low and Period End Index Closing Values of the Swiss Market Index**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High** | &nbsp;&nbsp;**Low** | &nbsp;&nbsp;**Period End** |
| &nbsp;&nbsp;**2020** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;11263.01 | &nbsp;&nbsp;8160.79 | &nbsp;&nbsp;9311.92 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;10266.29 | &nbsp;&nbsp;9168.98 | &nbsp;&nbsp;10045.30 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;10552.04 | &nbsp;&nbsp;10005.90 | &nbsp;&nbsp;10187.00 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;10703.51 | &nbsp;&nbsp;9556.14 | &nbsp;&nbsp;10703.51 |
| &nbsp;&nbsp;**2021** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;11121.42 | &nbsp;&nbsp;10522.22 | &nbsp;&nbsp;11047.37 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;12028.45 | &nbsp;&nbsp;10970.93 | &nbsp;&nbsp;11942.72 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;12545.35 | &nbsp;&nbsp;11485.58 | &nbsp;&nbsp;11642.45 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;12970.53 | &nbsp;&nbsp;11569.39 | &nbsp;&nbsp;12875.66 |
| &nbsp;&nbsp;**2022** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;12939.17 | &nbsp;&nbsp;11057.06 | &nbsp;&nbsp;12161.53 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;12528.61 | &nbsp;&nbsp;10451.31 | &nbsp;&nbsp;10741.21 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;11202.66 | &nbsp;&nbsp;10072.62 | &nbsp;&nbsp;10267.55 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;11238.20 | &nbsp;&nbsp;10199.32 | &nbsp;&nbsp;10729.40 |
| &nbsp;&nbsp;**2023** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;11435.99 | &nbsp;&nbsp;10516.40 | &nbsp;&nbsp;11106.24 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;11595.25 | &nbsp;&nbsp;11073.48 | &nbsp;&nbsp;11280.29 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;11373.21 | &nbsp;&nbsp;10839.06 | &nbsp;&nbsp;10963.50 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;11209.95 | &nbsp;&nbsp;10323.71 | &nbsp;&nbsp;11137.79 |
| &nbsp;&nbsp;**2024** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;11790.46 | &nbsp;&nbsp;11091.58 | &nbsp;&nbsp;11730.43 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;12254.76 | &nbsp;&nbsp;11196.67 | &nbsp;&nbsp;11993.83 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;12451.48 | &nbsp;&nbsp;11510.46 | &nbsp;&nbsp;12168.87 |
| &nbsp;&nbsp;Quarter ended December 31  | &nbsp;&nbsp;12326.76 | &nbsp;&nbsp;11384.92 | &nbsp;&nbsp;11600.90 |
| &nbsp;&nbsp;**2025** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;13166.68 | &nbsp;&nbsp;11624.02 | &nbsp;&nbsp;12598.12 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;12686.62 | &nbsp;&nbsp;10887.73 | &nbsp;&nbsp;11921.46 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;12383.47 | &nbsp;&nbsp;11755.32 | &nbsp;&nbsp;12109.42 |

---

**December 2025**

------

**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High** | &nbsp;&nbsp;**Low** | &nbsp;&nbsp;**Period End** |
| &nbsp;&nbsp;Quarter ending December 31 (through December 16, 2025) | &nbsp;&nbsp;13,056.74 | &nbsp;&nbsp;12,234.50 | &nbsp;&nbsp;13,056.74 |

---

**Historical Quarterly High, Low and Period End Index Closing Values of the S&P/ASX 200 Index**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**High** | &nbsp;&nbsp;**Low** | &nbsp;&nbsp;**Period End** |
| &nbsp;&nbsp;**2020** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;7162.494 | &nbsp;&nbsp;4546.035 | &nbsp;&nbsp;5076.827 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;6148.426 | &nbsp;&nbsp;5067.482 | &nbsp;&nbsp;5897.882 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;6167.641 | &nbsp;&nbsp;5784.065 | &nbsp;&nbsp;5815.941 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;6756.673 | &nbsp;&nbsp;5791.501 | &nbsp;&nbsp;6587.096 |
| &nbsp;&nbsp;**2021** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;6917.274 | &nbsp;&nbsp;6607.054 | &nbsp;&nbsp;6790.667 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;7386.174 | &nbsp;&nbsp;6828.694 | &nbsp;&nbsp;7313.023 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;7628.923 | &nbsp;&nbsp;7196.713 | &nbsp;&nbsp;7332.159 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;7513.373 | &nbsp;&nbsp;7185.545 | &nbsp;&nbsp;7444.642 |
| &nbsp;&nbsp;**2022** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;7589.757 | &nbsp;&nbsp;6838.282 | &nbsp;&nbsp;7499.588 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;7592.790 | &nbsp;&nbsp;6433.368 | &nbsp;&nbsp;6568.063 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;7127.684 | &nbsp;&nbsp;6462.027 | &nbsp;&nbsp;6474.198 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;7354.418 | &nbsp;&nbsp;6456.866 | &nbsp;&nbsp;7038.688 |
| &nbsp;&nbsp;**2023** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;7558.108 | &nbsp;&nbsp;6898.507 | &nbsp;&nbsp;7177.754 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;7381.515 | &nbsp;&nbsp;7078.654 | &nbsp;&nbsp;7203.299 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;7455.917 | &nbsp;&nbsp;7004.033 | &nbsp;&nbsp;7048.637 |
| &nbsp;&nbsp;Quarter ended December 31 | &nbsp;&nbsp;7614.278 | &nbsp;&nbsp;6772.927 | &nbsp;&nbsp;7590.818 |
| &nbsp;&nbsp;**2024** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;7896.858 | &nbsp;&nbsp;7346.477 | &nbsp;&nbsp;7896.858 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;7887.869 | &nbsp;&nbsp;7567.283 | &nbsp;&nbsp;7767.470 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;8269.830 | &nbsp;&nbsp;7649.556 | &nbsp;&nbsp;8269.830 |
| &nbsp;&nbsp;Quarter ended December 31  | &nbsp;&nbsp;8495.217 | &nbsp;&nbsp;8066.962 | &nbsp;&nbsp;8159.143 |
| &nbsp;&nbsp;**2025** |  |  |  |
| &nbsp;&nbsp;Quarter ended March 31 | &nbsp;&nbsp;8555.806 | &nbsp;&nbsp;7749.066 | &nbsp;&nbsp;7843.424 |
| &nbsp;&nbsp;Quarter ended June 30 | &nbsp;&nbsp;8592.103 | &nbsp;&nbsp;7343.255 | &nbsp;&nbsp;8542.270 |
| &nbsp;&nbsp;Quarter ended September 30 | &nbsp;&nbsp;9019.088 | &nbsp;&nbsp;8538.580 | &nbsp;&nbsp;8848.774 |
| &nbsp;&nbsp;Quarter ending December 31 (through December 16, 2025) | &nbsp;&nbsp;9094.711 | &nbsp;&nbsp;8416.501 | &nbsp;&nbsp;8598.948 |

---

**December 2025**

------

**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

The graphs below show the daily historical index closing values of each underlying index from January 1, 2020 through December 16, 2025. As a result, the following graphs do 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 indices. We obtained the index closing values in the graphs below from Bloomberg Financial Services, without independent verification.

**Historical Performance of the EURO STOXX 50**<sup>®</sup> **Index**

![img216177981_2.jpg](img216177981_2.jpg)

**December 2025**

------

**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Historical Performance of TOPIX**

![img216177981_3.jpg](img216177981_3.jpg)

**Historical Performance of the FTSE**<sup>®</sup> **100 Index**

![img216177981_4.jpg](img216177981_4.jpg)

**December 2025**

------

**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Historical Performance of the Swiss Market Index**

![img216177981_5.jpg](img216177981_5.jpg)

**Historical Performance of the S&P/ASX 200 Index**

![img216177981_6.jpg](img216177981_6.jpg)

**December 2025**

------

**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

**Historical Basket Values**

The following graph is based on the basket closing value for the period from January 1, 2020 through December 16, 2025 assuming that the basket closing value was 100 on January 1, 2020. We derived the basket closing values based on the method to calculate the basket closing value as described in this pricing supplement and on actual index closing values of the underlying indices on the relevant date. The basket closing value has been normalized such that its hypothetical value on January 1, 2020 was 100. As noted in this pricing supplement, the initial basket value will be set at 100 on the pricing date. The basket closing value can increase or decrease due to changes in the values of the underlying indices.

**Historical Performance of the Basket**

![img216177981_7.jpg](img216177981_7.jpg)

**December 2025**

------

**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

Supplemental Discussion of U.S. Federal Income Tax Consequences

No statutory, judicial or administrative authority directly addresses how your Trigger PLUS should be characterized and treated for U.S. federal income tax purposes. As a result, the U.S. federal income tax consequences of your investment in your Trigger PLUS are uncertain. You will be obligated pursuant to the terms of your Trigger PLUS — in the absence of a change in law, an administrative determination or a judicial ruling to the contrary — to characterize your Trigger PLUS for all tax purposes as pre-paid derivative contracts in respect of the underlying index, as described under "Supplemental Discussion of U.S. Federal Income Tax Consequences" in the accompanying general terms supplement. It is the opinion of Sidley Austin LLP that such a characterization of the Trigger PLUS for U.S. federal income tax purposes is a reasonable interpretation of current law. Pursuant to this approach, it is the opinion of Sidley Austin LLP that upon the sale, exchange, or maturity of your Trigger PLUS, you should recognize capital gain or loss equal to the difference, if any, between the amount you receive at such time and your tax basis in your Trigger PLUS.

Notwithstanding the foregoing, since the appropriate U.S. federal income tax characterization and treatment of your Trigger PLUS are uncertain, it is possible that the Internal Revenue Service could assert a different characterization and treatment than that described immediately above. In this case, the timing and character of income, gain or loss recognized with respect to your Trigger PLUS could substantially differ from that described above.

Pursuant to Treasury regulations, 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) will generally apply to obligations that are issued on or after July 1, 2014; therefore, the Trigger PLUS will generally be subject to the FATCA withholding rules.

**December 2025**

------

**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

Supplemental Plan of Distribution; Conflicts of Interest

As described under "Supplemental Plan of Distribution" in the accompanying general terms supplement and "Plan of Distribution — Conflicts of Interest" in the accompanying prospectus; GS Finance Corp. estimates that its share of the total offering expenses, excluding underwriting discounts and commissions, will be approximately $20,000.

GS Finance Corp. will sell to GS&Co., and GS&Co. will purchase from GS Finance Corp., the aggregate stated principal amount of the offered Trigger PLUS specified on the front cover of this pricing supplement. GS&Co. proposes initially to offer the Trigger PLUS to the public at the original issue price set forth on the cover page of this pricing supplement. Morgan Stanley Smith Barney LLC (Morgan Stanley Wealth Management), acting as dealer for the offering, will receive a selling concession of $30.00 for each Trigger PLUS it sells. Morgan Stanley Wealth Management has informed us that it intends to internally allocate at Morgan Stanley Wealth Management $5.00 of the selling concession for each Trigger PLUS as a structuring fee. The costs included in the original issue price of the Trigger PLUS will include a fee paid by GS&Co. to LFT Securities, LLC, an entity in which an affiliate of Morgan Stanley Wealth Management has an ownership interest, for providing certain electronic platform services with respect to this offering. 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 Trigger PLUS within the meaning of Financial Industry Regulatory Authority, Inc. (FINRA) Rule 5121. Consequently, this offering of Trigger PLUS will be conducted in compliance with the provisions of FINRA Rule 5121. GS&Co. will not be permitted to sell Trigger PLUS in this offering to an account over which it exercises discretionary authority without the prior specific written approval of the account holder.

We will deliver the Trigger PLUS against payment therefor in New York, New York on December 19, 2025. 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 Trigger PLUS 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 Trigger PLUS. 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 Trigger PLUS.

**December 2025**

------

**GS Finance Corp.**<br>Trigger PLUS Based on the Value of a Basket of Equity Indices due January 4, 2029 <br>**Trigger Performance Leveraged Upside Securities**<sup>SM</sup><br>**Principal at Risk Securities**<br>

Validity of the Trigger PLUS and Guarantee

In the opinion of Sidley Austin llp, as counsel to GS Finance Corp. and The Goldman Sachs Group, Inc., when the Trigger PLUS offered by this pricing supplement have been executed and issued by GS Finance Corp., such Trigger PLUS have been authenticated by the trustee pursuant to the indenture, and such Trigger PLUS have been delivered against payment as contemplated herein, (a) such Trigger PLUS will be valid and binding obligations of GS Finance Corp., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above and (b) the guarantee with respect to such Trigger PLUS will be a valid and binding obligation of The Goldman Sachs Group, Inc., enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware as in effect on the date hereof. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and the genuineness of signatures and certain factual matters, all as stated in the letter of such counsel dated January 27, 2025, which has been filed as Exhibit 5.6 to the registration statement on Form S-3 filed with the Securities and Exchange Commission by GS Finance Corp. and The Goldman Sachs Group, Inc. on January 27, 2025.

**December 2025**

------

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

**EX-FILING FEES**

The prospectus to which this Exhibit is attached is a final prospectus for the related offering. The maximum aggregate offering price for such offering is $8,011,000.

------