高盛美股招股说明书(2025-07-11版)

$S&P 500Index-Linked Notes due 2029® •If the final underlier level isequal toorless thanthe initial underlier level, you will receive the face amount of your notes.The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-5.Key TermsCompany (Issuer) / Guarantor:GS Finance Corp. / The Goldman Sachs Group, Inc.Aggregate face amount:$Cash settlement amount:On the stated maturity date, the company will pay, for each $1,000 face amount of the notes, an amount in cash equal to:•if the final underlier level is greater than the initial underlier level: $1,000 + ($1,000 × theunderlier return), subject to the maximum settlement amount; or Underlier:Maximum settlement amount:$1,279 Pricing Supplement No.dated, 2025. below, does not set forth all of the terms of your notes and therefore should be read in conjunction with such•General terms supplement no. 17,741 dated February 14, 2025 The information in this pricing supplement supersedes any conflicting information in the documents listed above. Inaddition, some of the terms or features described in the listed documents may not apply to your notes.We have not authorized anyone to provide any information or to make any representations other than those containedin or incorporated by reference in this pricing supplement and the accompanying documents listed above. We take no This pricing supplement and the accompanying documents listed above are an offer to sell only the notes offeredhereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in thispricing supplement and the accompanying documents listed above is current only as of the respective dates of suchdocuments. Corp.”, “we”, “our” and “us” mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to“The Goldman Sachs Group, Inc.”, our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to “Goldman Sachs” mean The Goldman Sachs Group, Inc.together with its consolidated subsidiaries and affiliates, including us. The notes will be issued under the senior debtindenture, dated as of October 10, 2008, as supplemented by the First Supplemental Indenture, dated as of February “GSFC 2008 indenture” in the accompanying prospectus supplement.The notes will be issued in book-entry form and represented by master note no. 3, dated March 22, 2021. hypothetical underlier levels on the determination date could have on the cash settlement amount at maturityassuming all other variables remain constant and are not intended to predict the final underlier level.The information in the following examples reflects hypothetical rates of return on the offered notes assuming that theyare purchased on the original issue date at the face amount and held to the stated maturity date. If you sell your notesin a secondary market prior to the stated maturity date, your return will depend upon the market value of your notes at interest rates, the volatility of the underlier, the creditworthiness of GS Finance Corp., as issuer, and thecreditworthiness of The Goldman Sachs Group, Inc., as guarantor. The information in the examples also reflects thekey terms and assumptions in the box below. No change in or affecting any of the underlier stocks or the method by which the underlier sponsor calculates the Notes purchased on original issue date at the face amount and held to the stated maturity date elsewhere in this pricing supplement. Also, the hypothetical examples shown below do not take into account theeffects of applicable taxes.The levels in the left column of the table below represent hypothetical final underlier levels and are expressed aspercentages of the initial underlier level. The amounts in the right column represent the hypothetical cash settlementamounts, based on the corresponding hypothetical final underlier level, and are expressed as percentages of the face Hypothetical Final Underlier Level (as Percentage of Initial Underlier Level) 75.000%100.000%50.000%100.000%25.000%100.000% PS-3 PS-4 The difference between the estimated value of your notes as of the time the terms of your notes are set on the tradedate and the original issue price is a result of certain factors, including principally the underwriting discount and commissions, the expenses incurred in creating, documenting and marketing the notes, and an estimate of thedifference between the amounts we pay to GS&Co. and the amounts GS&Co. pays to us in connection with yournotes. We pay to GS&Co. amounts based on what we would pay to holders of a non-structured note with a similarmaturity. In return for such payment, GS&Co. pays to us the amounts we