GS Finance Corp. filed a Free Writing Prospectus on November 9, 2026, disclosing terms for Market Linked Securities that are autocallable with a fixed percentage buffered downside, linked to the EURO STOXX 50 Index and due November 26, 2029.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. serves as guarantor under its Medium-Term Notes, Series F program.
  • Estimated value at pricing: The estimated value of the securities at the time terms are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount.
  • Call schedule: Minimum call premiums are at least 11.50% (November 26, 2027), at least 23.00% (November 27, 2028), and at least 34.50% (November 20, 2029), corresponding to minimum payments per security of at least $1,115.00, $1,230.00, and $1,345.00, respectively.
  • Buffer and threshold: A 10.00% buffer amount applies; the threshold level is 90.00% of the starting level.
  • Maximum downside: If the ending level falls below the threshold level, investors will lose some, and possibly up to 90.00%, of the face amount at maturity.
  • Underwriting discount: Up to 2.575% of the face amount; Wells Fargo Securities, LLC is the distribution agent, with a selling concession to Wells Fargo Advisors of 2.00% and a distribution expense fee of 0.075% per $1,000 face amount sold by WFA.
  • CUSIP: 40058MTG3; pricing date is expected to be November 20, 2026, with an issue date expected to be November 25, 2026.

Terms and Risk Profile of the GS Finance EURO STOXX 50 Autocallable Securities

According to the filing, GS Finance Corp. is offering Market Linked Securities autocallable with fixed percentage buffered downside, linked to the EURO STOXX 50 Index, under Registration Statement No. 333-284538. The securities carry a stated maturity date expected to be November 26, 2029, with a final calculation day expected to be November 20, 2029. The starting level is defined as the closing level of the underlier on the pricing date, and the ending level is the closing level on the final calculation day.

The filing discloses that the securities will be automatically called if the closing level of the underlier on any call date is greater than or equal to the starting level, entitling holders to receive the face amount plus the applicable call premium. The filing states explicitly that "any positive return on the securities will be limited to the applicable call premium, even if the closing level of the underlier on the applicable call date significantly exceeds the starting level." The securities do not bear interest and holders have no shareholder rights or rights to receive any underlier stock, according to the filing.

The filing notes that the estimated value of the securities at pricing is expected to be between $925 and $955 per $1,000 face amount, which is less than the original offering price, a point highlighted among the listed risk factors. Additional risks identified in the filing include credit risk of the issuer and guarantor, the potential for substantial loss of principal if the ending level falls below the threshold level, risks associated with foreign securities, and potential government regulatory action affecting the composition of the underlier. The filing states that investors "should read the accompanying preliminary pricing supplement dated November 6, 2026" for a full description of terms and risks.

What Was Disclosed

GS Finance Corp. filed a Free Writing Prospectus detailing autocallable structured notes linked to the EURO STOXX 50 Index, due November 2029, with a 10.00% buffer, tiered call premiums starting at a minimum of 11.50%, maximum potential principal loss of 90.00%, and an estimated value of $925 to $955 per $1,000 face amount at pricing.