GS Finance Corp. filed a Free Writing Prospectus on November 2, 2026, disclosing terms for Market Linked Notes tied to the EURO STOXX 50 Index, with a stated maturity date expected to be November 29, 2029, and a maximum return of at least 55.45% of the face amount per note.

Key Highlights

  • Issuer and guarantor: GS Finance Corp. is the issuer; The Goldman Sachs Group, Inc. is the full and unconditional guarantor.
  • Underlying index: The notes are linked to the EURO STOXX 50 Index, with a 100% upside participation rate up to a maximum return of at least 55.45% of the face amount (at least $554.50 per note).
  • Principal return at maturity: If the ending level is less than or equal to the starting level, holders receive $1,000 per $1,000 face amount, according to the filing.
  • Estimated value at pricing: The estimated value of the notes at the pricing date is expected to be between $925 and $955 per $1,000 face amount.
  • Underwriting discount: Up to 3.325% of the face amount, with Wells Fargo Securities, LLC acting as distribution agent.
  • Key expected dates: Pricing date November 24, 2026; issue date November 30, 2026; calculation day November 26, 2029; stated maturity November 29, 2029.
  • CUSIP: 40058MLM8.

GS Finance Corp. Discloses Terms of EURO STOXX 50-Linked Notes Maturing 2029

According to the Free Writing Prospectus filed November 2, 2026, GS Finance Corp. is offering Market Linked Notes under its Medium-Term Notes, Series F program, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are linked to the closing level of the EURO STOXX 50 Index and are expected to price on November 24, 2026, with an issue date of November 30, 2026, and a stated maturity date of November 29, 2029.

The filing describes the payment structure at maturity for each $1,000 face amount: if the ending level of the underlier exceeds the starting level, the holder receives $1,000 plus the lesser of the product of $1,000, the underlier return, and the 100% upside participation rate, or the maximum return of at least $554.50 per note. If the ending level is less than or equal to the starting level, the holder receives $1,000 with no positive return. The notes do not bear interest, as disclosed in the risk factors section.

The filing states that the estimated value of the notes at the time terms are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount, which is less than the original offering price. Wells Fargo Securities, LLC is named as distribution agent and will receive an underwriting discount of up to 3.325% of the aggregate face amount. The agent may resell notes to Wells Fargo Advisors at the original issue price less a concession of 2.25%, with WFA also potentially receiving a distribution expense fee of 0.075% per $1,000 face amount sold. In addition, the filing notes that GS&Co. may pay a fee of up to 0.20% of the aggregate face amount to selected securities dealers for marketing and other services.

What Was Disclosed

GS Finance Corp. filed a Free Writing Prospectus disclosing the preliminary terms of Market Linked Notes tied to the EURO STOXX 50 Index, including the payment structure, maximum return of at least 55.45%, estimated note value, key dates, CUSIP, and distribution fees.