高盛美股招股说明书(2025-07-25版)

$Autocallable Contingent Coupon Equity-Linked Notes due 2026 The Goldman Sachs Group, Inc.Payment at Maturity:The amount that you will be paid on your notes at maturity, if they have not been automatically called, in Coupon Payments:The notes will pay a contingent monthly coupon on a coupon payment date if the closing level of the underlierisgreater thanorequal tothe coupon trigger level on the related coupon observation date. Automatic Call:The notes will be automatically called on a call payment date if the closing level of the underlier isgreater thanorequal tothe initial underlier level on the related call observation date. 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.Youshould read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of Cash settlement amount:subject to the automatic call feature, on the stated maturity date, in addition to any coupon thendue, 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 or equal to the buffer level: $1,000;or Underlier: any other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initialsale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, thisprospectus is being used in a market-making transaction.About Your Prospectus unconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement andthe accompanying documents listed below. This pricing supplement constitutes a supplement to the documents listedbelow, does not set forth all of the terms of your notes and therefore should be read in conjunction with suchdocuments: 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 contained 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 this pricing supplement and the accompanying documents listed above is current only as of the respective dates of such documents. We refer to the notes we are offering by this pricing supplement as the “offered notes” or the “notes”. Each of theoffered notes has the terms described below. Please note that in this pricing supplement, references to “GS FinanceCorp.”, “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 notinclude 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 February20, 2015, each among us, as issuer, The Goldman Sachs Group, Inc., as guarantor, and The Bank of New York PS-3 hypothetical closing levels of the underlier on a coupon observation date could have on the coupon payable, if any, onthe related coupon payment date and (ii) the impact that the various hypothetical closing levels of the underlier on the determination date could have on the cash settlement amount at maturity assuming all other variables remain constantand are not intended to predict the closing levels of the underlier.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 a call payment date or the stated maturity creditworthiness of GS Finance Corp., as issuer, and the creditworthiness of The Goldman Sachs Group, Inc., asguarantor. The information in the examples also reflects the key terms and assumptions in the box below.Key Terms and AssumptionsFace amount coupon observation date was the percentage of the initial underlier level shown.Scenario 1Coupon Observation DateHypothetical Closing Level of theHypothetical Coupon hypothetical closing level of the underlier is less than the coupon trigger level, you will not receive a coupon payment.Scenario 2 PS-5 PS-6 amount of the offered notes on the stated maturity date would equal 100.000% of the face amount of a note, based onthe corresponding hypothetical final underlier level and the assumptions noted above. Hypothetical Final Underlier LevelHypothetical Cash Settlement Amount 200.000%100.000%*175.000%100.000%*1