高盛美股招股说明书(2025-06-03版)

Subject to Completion. Dated June 2, 2025.GS Finance Corp.$Autocallable Contingent Coupon Underlier-Linked Notes dueguaranteed by The Goldman Sachs Group, Inc. If the closing level of either the Russell 2000®SPDR®Fund (ETF) on any observation date isless than70%of its initial level, you willnotreceive a coupon onthe applicable payment date. The amount that you will be paid on your notes is based on the performances of theunderliers. The notes will mature on the stated maturity date (expected to be July 2, 2030), unless automatically calledon any observation date commencing in June 2026 to and including March 2030. Your notes will be automatically called if the closing level ofeachunderlier on any such observation date isgreater thanorequal toits initial level (seton the trade date, expected to be June 25, 2025, and will be an intra-day level or the closing level of such underlier onthe trade date). If your notes are automatically called, you will receive a payment on the next payment date (the fifthbusiness day after the relevant observation date) equal to the face amount of your notesplusa coupon (as describedbelow). The return on your notes is linked, in part, to the performance of the Utilities Select Sector SPDR® not to that of the index on which the ETF is based.Observation dates are expected to be the 25th day of each March, June, September and December, commencing in September 2025 and ending in June 2030. If on any observation date the closing level ofeachunderlier isgreater thanor equal to70% of its initial level, you will receive on the applicable payment date a coupon for each $1,000 face The amount that you will be paid on your notes at maturity, if they have not been automatically called, in addition to thefinal coupon, if any, is based on the performance of the underlier with the lowest underlier return. The underlier returnfor each underlier is the percentage increase or decrease in the closing level of such underlier on the determination At maturity, for each $1,000 face amount of your notes you will receive an amount in cash equal to: ●if the underlier return ofeachunderlier isgreater thanorequal to-30% (the final level of each underlier isgreaterthanorequal to70% of its initial level), $1,000 plus a coupon calculated as described above; or●if the underlier return of each underlier is greater than or equal to -35% (the final level of each underlier is greaterthan or equal to 65% of its initial level) but the underlier return of any underlier is less than -30% (the final level ofany underlier is less than 70% of its initial level), $1,000(you will not receive a coupon);or●if the underlier return ofanyunderlier is less than -35% (the final level ofanyunderlier isless than65% of its initial If the underlier return for any underlier is less than -35%, the percentage of the face amount of your notes youwill receive will be based on the performance of the underlier with the lowest underlier return. In such event,you will receive less than 65% of the face amount of your notes and no coupon. You should read the disclosure herein to better understand the terms and risks of your investment, includingthe credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-15.The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to be between $850 and $890 per $1,000 face amount. For a discussion of the estimated value and the price at whichGoldman Sachs & Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following Original issue date:expected to be June 30, 2025Original issue price:Underwriting discount:% of the face amount*Net proceeds to the issuer: * The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page PS-31foradditional information regarding the fees comprising the underwriting discount. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of thesesecurities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminaloffense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decideto sell additional notes after the date of this pricing supplement, at issue prices and with underwriting discounts and netproceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment in GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or anyother affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this