GSCE Goldman Sachs Group Inc (PK)

Market Linked Securities — Autocallable with Fixed Percentage Buffered Downside

Principal at Risk Securities Linked to the VanEck Gold Miners ETF due April 5, 2028

Summary of Terms

Hypothetical Payout Profile*

Company (Issuer) and Guarantor:

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

* assumes a call premium for such call settlement date equal to the lowest possible call premium that may be determined on the pricing date

Any positive return on the securities will be limited to the applicable call premium, even if the fund closing price of the underlier on the applicable call date significantly exceeds the starting price. You will not participate in any appreciation of the underlier beyond the applicable call premium. If the securities are not automatically called, you will have 1-to-1 downside exposure to the decrease in the price of the underlier in excess of the buffer amount and will lose some, and possibly up to 90.00%, of the face amount of your securities at maturity.

You should read the accompanying preliminary pricing supplement dated March 5, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.

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

The estimated value of your securities at the time the terms of your securities are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your securities.

The securities have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. See “Risk Factors” in this term sheet and in the accompanying preliminary pricing supplement. This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlier, the terms of the securities and certain risks.

Market measure:

the VanEck Gold Miners ETF (the “underlier”)

Fund underlying index:

with respect to the VanEck Gold Miners ETF, the index tracked by such underlier.

Pricing date:

expected to be March 31, 2025

Issue date:

expected to be April 3, 2025

Final calculation day:

expected to be March 31, 2028

Stated maturity date:

expected to be April 5, 2028

Starting price:

the fund closing price of the underlier on the pricing date

Ending price:

the fund closing price of the underlier on the final calculation day

Automatic call:

if the fund closing price of the underlier on any call date is greater than or equal to the threshold price, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus the call premium applicable to the relevant call date. The last call date is the final calculation day, and payment upon an automatic call on the final calculation day, if applicable, will be made on the stated maturity date.

Threshold price:

90.00% of the starting price

Buffer amount:

10.00%

Call dates and call premiums:

the actual call premium and payment per security upon an automatic call that is applicable to each call date will be determined on the pricing date and will be at least the values specified in the table below

Call Date

Call Premium

Payment per Security

upon an Automatic Call

April 6, 2026

at least 9.80% of the face amount

at least $1,098.00

October 5, 2026

at least 14.70% of the face amount

at least $1,147.00

April 5, 2027

at least 19.60% of the face amount

at least $1,196.00

October 5, 2027

at least 24.50% of the face amount

at least $1,245.00

March 31, 2028

at least 29.40% of the face amount

at least $1,294.00

Call settlement date:

three business days after the applicable call date; provided that the call settlement date for the last call date is the stated maturity date

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

$1,000 minus:

Underwriting discount:

up to 2.575% of the face amount*; Wells Fargo Securities, LLC (“WFS”) is the agent for the distribution of the securities. WFS will receive the underwriting discount of up to 2.575% of the aggregate face amount of the securities sold. The agent may resell the securities to Wells Fargo Advisors (“WFA”) at the original issue price of the securities less a concession of 2.00% of the aggregate face amount of the securities. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a security WFA sells.

CUSIP:

40058H4Q9

Tax consequences:

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

* In addition, in respect of certain securities sold in this offering, GS&Co. may pay a fee of up to 0.30% of the aggregate face amount of the securities sold to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers.

About Your Securities

Risk Factors