The Goldman Sachs Group (GS) investor relations material

Strategic priorities and growth initiatives

• Executed a multi-year growth plan since 2020, focusing on client-centricity and market share gains.

• Consolidated asset and wealth management businesses, now managing over $3.5 trillion, targeting high single-digit durable revenue growth and improved margins.

• Recent partnerships and acquisitions, such as with T. Rowe, Innovator, and iVentures, have accelerated growth in active ETFs and wealth offerings.

• Technology and regulatory changes are freeing up capacity to scale wealth and invest further.

• Focus remains on scaling ultra-high net worth wealth management and expanding wallet share across core banking and markets.

Macro environment and market outlook

• Fiscal stimulus, deregulatory trends, and a technology investment supercycle are creating strong tailwinds for risk assets and capital markets.

• Policy uncertainty, inflation, trade, and geopolitics remain key risks that could create temporary slowdowns.

• 2026 is expected to be constructive for capital markets and M&A, especially large-cap strategic deals.

• Anticipates periodic market recalibrations due to exogenous shocks or technology disruptions.

M&A, capital markets, and trading

• Strategic M&A activity is rising as regulatory barriers ease, with CEOs seeking scale and competitive positioning.

• Sponsor M&A is accelerating due to LP pressure to return capital, making valuations less of a barrier.

• Equity and debt capital markets are improving, driven by technology infrastructure needs and IPO activity, though not expected to reach 2021 peaks.

• Trading businesses are more durable and less leveraged than in the past, with volatility creating upside opportunities.