高盛美股招股说明书(2025-09-09版)

Subject To Completion, dated September 9, 2025 Pricing Supplement No. [ ] dated [ ], 2025(To WFS Product Supplement No. 5 dated February 14, 2025,Underlier Supplement No. 45 dated June 23, 2025,Prospectus Supplement dated February 14, 2025and Prospectus dated February 14, 2025) GS Finance Corp. nLinked to the EURO STOXX 50 Index® nUnlike ordinary debt securities, the securities do not pay interest or repay a fixed amount of principal at maturity.Instead, the securities provide for a maturity payment amount that may be greater than, equal to or less thanthe face amount of the securities, depending on the performance of the underlier from its starting level to itsending level. The maturity payment amount will reflect the following terms:nIf the level of the underlier increases, you will receive the face amount plus a positive return equal to 150% of the percentage increase in the level of the underlier from the starting level, subject to a maximumreturn at maturity of at least 22.50% (to be determined on the pricing date) of the face amount. As aresult of the maximum return, the maximum maturity payment amount will be at least $1,225.00nIf the level of the underlier decreases but the decrease is not more than the buffer amount of 15%, you willreceive the face amountnIf the level of the underlier decreases by more than the buffer amount, you will receive less than the faceamount and have 1-to-1 downside exposure to the decrease in the level of the underlier in excess of thebuffer amountnInvestors may lose up to 85% of the face amount nAll payments on the securities are subject to credit risk, and you will have no ability to pursue any securitiesincluded in the underlier for payment; if GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., asguarantor, default on their obligations, you could lose some or all of your investmentnNo periodic interest payments or dividends The estimated value of your securities at the time the terms of your securities are set on the pricing dateis expected to be between $925 and $955 per $1,000 face amount. For a discussion of the estimatedvalue and the price at which Goldman Sachs & Co. LLC (“GS&Co.”) would initially buy or sell yoursecurities, if it makes a market in the securities, see page PS-8. The securities have more complex features than conventional debt securities and involve risks notassociated with conventional debt securities. You should read the disclosure herein to better understandthe terms and risks of your investment, including the credit risk of GS Finance Corp. and The GoldmanSachs Group, Inc. See page PS-8. In addition to the 2.575%, GS&Co. may pay to selected securities dealers a fee of up to 0.20% of the face amount inconsideration for marketing and other services in connection with the distribution of the securities to other securities dealers. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved ofthese securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is acriminal offense. The securities are not bank deposits and are not insured by the Federal Deposit InsuranceCorporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank. Goldman Sachs & Co. LLC Wells Fargo Securities Market Linked Securities—Leveraged Upside Participation to a Capand Fixed Percentage Buffered Downside® Principal at Risk Securities Linked to the EURO STOXX 50Index due September 30,2027 Market Linked Securities—Leveraged Upside Participation to a Capand Fixed Percentage Buffered Downside® Principal at Risk Securities Linked to the EURO STOXX 50Index due September 30,2027 Market Linked Securities—Leveraged Upside Participation to a Capand Fixed Percentage Buffered Downside® Principal at Risk Securities Linked to the EURO STOXX 50Index due September 30,2027 Additional Information about the Issuer, the Guarantor and the Securities You should read this pricing supplement together with WFS product supplement no. 5 dated February 14, 2025, the underliersupplement no. 45 dated June 23, 2025, the prospectus supplement dated February 14, 2025 and the prospectus dated February 14,2025 for additional information about the securities. Information included in this pricing supplement supersedes information in theproduct supplement, underlier supplement, prospectus supplement and prospectus to the extent it is different from that information.Certain defined terms used but not defined herein have the meanings set forth in the product supplement, prospectus supplement orprospectus. When we refer to “we,” “us” or “our” in this pricing supplement, we refer only to GS Finance Corp. and not to any of its subsidiaries oraffiliates, 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 Sac