高盛美股招股说明书(2025-06-25版)

pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdictionwhere the offer or sale is not permitted. Subject to Completion. Dated June 24, 2025.GS Finance Corp. $ Autocallable Goldman Sachs Momentum BuilderFocus ER Index-Linked Notes due guaranteed byThe Goldman Sachs Group, Inc.® The notes do not bear interest. Unless your notes are automatically called on any annual call observation date, theamount that you will be paid on your notes on the stated maturity date (expected to be July 27, 2032) will be based onthe performance of the Goldman Sachs Momentum Builder®Focus ER Index (the “index”) as measured from the tradedate (expected to be July 18, 2025) to and including the determination date (expected to be July 20, 2032). If the final index level (the closing level of the index on the determination date) isgreater thanthe initial index level (seton the trade date and will be an intra-day level or the closing level of the index on the trade date), the return on yournotes will be the index return (the percentage increase or decrease in the final index level from the initial index level). Your notes will be called if the closing level of the index on any call observation date isgreater thanorequal totheapplicable call level (specified on page PS-8), resulting in a payment on the corresponding call payment date (the fifthbusiness day after the call observation date) equal to the face amount of your notesplustheproductof $1,000timesthe applicable call return (specified on page PS-8). The index measures the performance of a “base index” and non-interest bearing cash positions subject to certaindeductions, as described in further detail below. On each index business day, exposure to the base index will bereduced and exposure to the non-interest bearing cash positions increased if (i) the realized volatility of the base indexexceeds a volatility control limit of 5% (we refer to the base index, after applying this volatility control limit, as the“volatility controlled index”) or (ii) the volatility controlled index has exhibited negative price momentum. The base index is composed of underlying assets, which consist of (i) nine underlying indices, potentially providingexposure to the following asset classes: focused U.S. equities; other developed market equities; developed marketfixed income; emerging market equities; and commodities; and (ii) a money market position that accrues interest at arate equal to the federal funds rate (the “return-based money market position”). The base index rebalances on eachindex business day based on historical returns of the underlying assets, subject to a limitation on realized volatility(which is separate from the volatility control mechanism described in the paragraph above) and minimum andmaximum weights for the underlying assets and asset classes. As a result of the rebalancing, the base index mayinclude as few as 2 underlying assets (including the return-based money market position) and may never include someof the underlying indices or asset classes. The daily base index return is subject to a deduction equal to the return on the federal funds rate and, inaddition, the entire index is subject to a deduction of 0.65% per annum (accruing daily). The net effect of the deduction for the federal funds rate on the base index and the 0.65% deduction on the full indexmeans that any aggregate exposure to the return-based money market position or the non-interest bearing cashpositions will reduce the index performance on a pro rata basis by 0.65%.A very significant portion of the index hasbeen, and may be in the future, allocated to the return-based money market position and the non-interestbearing cash positions. The description above is only a summary. For a more detailed description of the index, including informationabout the fees and deductions that are applied to the index, see “Index Summary” beginning on page PS-3. If your notes are not called, at maturity, for each $1,000 face amount of your notes, you will receive an amount in cashequal to: •if the index return ispositive(the final index level isgreater thanthe initial index level), thesumof (i) $1,000plus(ii)theproductof (a) $1,000times(b) the index return; or•if the index return iszero or negative(the final index level isequal toorless thanthe initial index level), $1,000. 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-18. The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to bebetween $850 and $880 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 followingpage. Original issue date:expected to be July 23, 2025Original i