By William Gullotti
Buffalo, N.Y., March 15 – GS Finance Corp. priced $20.5 million of 0% index-linked notes due Aug. 24, 2026 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
If the final level of the index is greater than or equal to 124% of its initial level, the payout at maturity will be par plus 31.92% plus an additional 2.272% for each 1% gain above 124%, subject to a maximum payout of par plus 66%.
If the index finishes flat or gains up to 124%, the payout at maturity will be par plus 1.33 times the index return.
If the index declines no farther than the 90% buffer, investors will receive par. Otherwise, investors will lose 1% for every 1% decline below the buffer.
Goldman Sachs & Co. LLC is the agent.
| Issuer: | GS Finance Corp.
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| Guarantor: | Goldman Sachs Group, Inc.
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| Issue: | Index-linked notes
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| Underlying index: | Dow Jones industrial average
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| Amount: | $20.5 million
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| Maturity: | Aug. 24, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the final level of the index is greater than 124% of initial level, par plus 31.92% plus an additional 2.272% for each 1% gain beyond 124%, subject to a maximum payout of par plus 66%; if the index finishes flat or gains up to 124%, par plus 1.33 times the return; if the index declines up to the 90% buffer, par; otherwise, lose 1% for every 1% decline below the buffer
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| Initial index level: | Average of closing levels on each day during period from and including Feb. 22 to and including March 4
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| Final level: | Average of closing levels on each day during the period from and including May 20, 2026 to and including Aug. 19, 2026
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| Trigger buffer level: | 90% of initial level
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| Pricing date: | Feb. 24
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| Settlement date: | March 3
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| Agent: | Goldman Sachs & Co. LLC
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| Fees: | 0.15%
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| Cusip: | 40057LB26
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