SEC Form 424B3 filed by Goldman Sachs Group Inc.

S&P 500® Daily Risk Control 5% USD Excess Return Index

Overview

The S&P 500® Daily Risk Control 5% USD Excess Return Index (current Bloomberg symbol: “SPXT5UE Index”), which we also refer to in this index supplement as the “Excess Return index,” is the excess return version of the S&P 500® Daily Risk Control 5% USD Total Return Index (the “Risk Control index”), meaning that the Excess Return index is designed to measure the return on a hypothetical investment in the Risk Control index borrowed at a rate of the Secured Overnight Financing Rate (SOFR) plus 0.02963%. Any percentage increase in the Risk Control index will be offset by a rate of SOFR plus 0.02963%.

Prior to December 20, 2021, the Excess Return index measured the return on a hypothetical investment in the Risk Control index borrowed at the overnight U.S. dollar LIBOR rate.

The Risk Control index is intended to provide investors with exposure to the S&P 500® Total Return Index (the “Total Return index”) subject to a risk control strategy that dynamically increases or decreases the exposure to the Total Return index in an attempt to achieve a 5% volatility target. The Risk Control index’s exposure to the Total Return index can be greater than, less than or equal to 100%. Exposure in excess of 100% is achieved by hypothetically borrowing cash at a rate of SOFR plus 0.02963%. Exposure of less than 100% is achieved by hypothetically selling some of the exposure to the Total Return index, which results in a hypothetical cash position that accrues interest at the rate of SOFR plus 0.02963%.

Prior to December 20, 2021, the Risk Control index’s exposure in excess of 100% was achieved by hypothetically borrowing cash at a rate of overnight U.S. dollar LIBOR. Exposure of less than 100% was achieved by hypothetically selling some of the exposure to the Total Return index, which resulted in a hypothetical cash position that accrued interest at the overnight U.S. dollar LIBOR rate.

As a result, extremely limited historical information regarding the performance of the Excess Return index and the Risk Control index subsequent to their discontinued use of overnight U.S. dollar LIBOR is available, which may make it difficult for you to make an informed decision with respect to an investment in the securities.

The Total Return index is a total return-based calculation of the S&P 500® Index. The S&P 500® Index includes a representative sample of 500 companies in leading industries of the U.S. economy.

We have derived all information contained in this index supplement regarding the Excess Return index from publicly available information. Additional information about the Excess Return index is available on the following website: spglobal.com/spdji/en/indices/strategy/sp-500-daily-risk-control-5-index. We are not incorporating by reference the website or any material it includes in this index supplement.

Your investment in securities linked to the Excess Return index involves certain risks. See “Selected Risk Factors” on page S-3 to read about investment risks relating to such securities. 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 index supplement, the applicable pricing supplement, the applicable product supplement, if any, the applicable general terms supplement, if any, the accompanying underlier supplement, the accompanying prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.

The securities 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

August 2025 S&P 500® Daily Risk Control 5% USD Excess Return Index Supplement dated August 26, 2025.

Comparative Performance Data

Index Performance Compared to the Risk Control Index, the Total Return Index and its Parent Index

For comparative purposes, the graph below shows the performance, from January 2, 2020 through August 1, 2025, of the S&P 500® Daily Risk Control 5% USD Excess Return Index (in black), the S&P 500® Daily Risk Control 5% USD Total Return Index (in gray), the S&P 500® Total Return Index (in green) and the S&P 500® Index (in blue).

For comparative purposes, each of the S&P 500® Daily Risk Control 5% USD Excess Return Index, the S&P 500® Daily Risk Control 5% USD Total Return Index, the S&P 500® Total Return Index and the S&P 500® Index have been adjusted to have a closing level of 100.00 on January 2, 2020 by dividing the applicable closing level on each day by that index’s closing level on January 2, 2020 and multiplying the quotient by 100.00.

The daily historical closing levels of the indices used to create this graph were obtained from Bloomberg Financial Services, without independent verification. You should not take this graph or the historical closing levels of the indices used to create this graph as an indication of the future performance of any index, including the S&P 500® Daily Risk Control 5% USD Excess Return Index, or the correlation (if any) between the level of the S&P 500® Daily Risk Control 5% USD Excess Return Index and the levels of the S&P 500® Daily Risk Control 5% USD Total Return Index, the S&P 500® Total Return Index or the S&P 500® Index.

Comparative Performance of the S&P 500® Daily Risk Control 5% USD Excess Return Index (SPXT5UE Index), the S&P 500® Daily Risk Control 5% USD Total Return Index (SPXT5UT Index), the S&P 500® Total Return Index (SPTR Index) and the S&P® 500 Index (SPX)

Index Annualized Return Compared to the Risk Control Index, the Total Return Index and its Parent Index

The following table provides a comparison of the annualized returns of the S&P 500® Daily Risk Control 5% USD Excess Return Index, the S&P 500® Daily Risk Control 5% USD Total Return Index, S&P 500® Total Return Index and the S&P 500® Index for the applicable period ended August 1, 2025. Annualized return represents the average rate of return per annum, calculated as the geometric average of the percentage change of the applicable index during the applicable time period. You should not take the annualized returns of the indices as an indication of the future performance of any index, including the S&P 500® Daily Risk Control 5% USD Excess Return Index.

Comparison of Annualized Returns of the S&P 500® Daily Risk Control 5% USD Excess Return Index, the S&P 500® Daily Risk Control 5% USD Total Return Index, the S&P 500® Total Return Index and the S&P 500® Index

Selected Risk Factors

An investment in securities linked to the Excess Return index is subject to the risks described below as well as the risks and considerations described in the accompanying underlier supplement no. 45, the applicable pricing supplement, the applicable product supplement, if any, the applicable general terms supplement, if any, the accompanying prospectus supplement and the accompanying prospectus. The following risk factors are discussed in greater detail in the accompanying underlier supplement no. 45.

About This Index Supplement

GS Finance Corp. may use this index supplement in the initial sale of the securities. In addition, Goldman Sachs & Co. LLC (GS&Co.), or any other affiliate of GS Finance Corp., may use this index supplement in a market-making transaction in a security after its initial sale. Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this index supplement is being used in a market-making transaction.

We have not authorized anyone to provide any information or to make any representations other than those contained in or incorporated by reference in this index supplement, the accompanying underlier supplement no. 45, the accompanying prospectus supplement or the accompanying prospectus. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may provide. This index supplement addendum is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this index supplement addendum, the accompanying index supplement no. 45, the accompanying prospectus supplement and the accompanying prospectus is current only as of the respective dates of such documents.

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