高盛美股招股说明书(2025-07-18版)

Subject to Completion. Dated July 18, 2025.$The Goldman Sachs Group, Inc. Callable Fixed Rate Notes due 2030 We will pay you interest on your notes at a rate of 4.85% per annum from and including the original issue date(expected to be July 31, 2025) to but excluding the stated maturity date (expected to be July 31, 2030). Interest will be will be made on the first interest payment date (expected to be July 31, 2026).In addition, we may redeem the notes at our option, in whole but not in part, on each redemption date(expected to be the last calendar day of each January, April, July and October on or after July 31, 2026), uponat least five business days’ prior notice, at a redemption price equal to 100% of the outstanding principal Per NoteInitial price to public*%$Underwriting discount*%$ the original issue date and must be paid by the purchaser if the notes are delivered after the original issue date. Inaddition to offers and sales at the initial price to public, the underwriters may offer the notes from time to time for sale in price you pay for such notes. of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to thecontrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal DepositInsurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a sale.Unless Goldman Sachs or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus isbeing used in a market-making transaction. Pricing Supplement No.dated July, 2025. The notes are part of the Medium-Term Notes, Series N program of The Goldman Sachs Group, Inc. This prospectus Please note that in this section entitled “Specific Terms of the Notes”, references to “The Goldman Sachs Group, Inc.”, “we”, “our” and “us” mean only The Goldman Sachs Group, Inc. and do not include any of its subsidiaries oraffiliates. Also, in this section, references to “holders” mean The Depository Trust Company (DTC) or its nomineeand not indirect owners who own beneficial interests in notes through participants in DTC. Please review the special considerations that apply to indirect owners in the accompanying prospectus, under “Legal Ownership and Book-Entry Issuance”. , 2025 (pricing supplement) and the accompanying prospectus datedFebruary 14, 2025 (accompanying prospectus), relating to the notes, should be read together. Because the notes are This pricing supplement no.dated Julypart of a series of our debt securities called Medium‐Term Notes, Series N, this pricing supplement and the accompanying prospectus should also be read with the accompanying prospectus supplement, dated February 14,2025 (accompanying prospectus supplement). Terms used but not defined in this pricing supplement have the meanings given them in the accompanying prospectus or accompanying prospectus supplement, unless the context requires otherwise. The notes are part of a separate series of our debt securities under our Medium-Term Notes, Series N programgoverned by our Senior Debt Indenture, dated as of July 16, 2008, as amended, between us and The Bank of NewYork Mellon, as trustee. This pricing supplement summarizes specific terms that will apply to your notes. The terms of the notes described here supplement those described in the accompanying prospectus supplement and accompanying prospectus and, if the terms described here are inconsistent with those described there, the terms described here arecontrolling. Terms of the Callable Fixed Rate Notes due 2030Issuer:The Goldman Sachs Group, Inc.Principal amount:$Specified currency:U.S. dollars ($)Interest payment dates (set on the tradedate):expected to bethe last calendar day ofJuly ofeach year, commencing in July 2026 and ending on thestated maturity date payment date, the day immediately prior to the day onwhich payment is to be made (as such payment day may be adjusted under the applicable business day $1,000 in excess thereofTrade date:expected to be July 29, 2025 Day count convention:30/360 (ISDA), as furtherdiscussed under “Additional Information About the Notes— Day Count Convention” on page PS-5of this pricingBusiness day:each Monday, Tuesday, Wednesday,Thursday and Friday that is not a day on which bankinginstitutionsinNew York City generally are authorized orobligated by law, regulation or executive order to close PS-3 ERISA:as described under “Employee Retirement insured by the Federal Deposit Insurance Corporationor any other governmental agency, nor are they Income Security Act” on page 157 of the accompanyingprospectus obligations of, or guaranteed by, a bank CUSIP no.:38151FLS0ISIN no.:US38151FLS01Form of notes:Your notes will be issued in book-entryform and represented by a master global note. YouCalculation Agent:Goldman Sachs & Co. LLCForeign Account Tax Compliance Act (FATCA)Withholding May Apply to Payments on Your Notes,Including as a Result of the Failu