高盛美股招股说明书(2025-09-10版)

GS Finance Corp.$ Autocallable Variable Coupon Equity-Linked Notes due The notes do not pay a fixed coupon and may pay only the minimum coupon amount on a payment date.Theamount that you will be paid on your notes is based on the performances of the common stock of AppLovinCorporation, the Class A common stock of Rocket Companies, Inc., the Class A common stock of Robinhood Markets,Inc. and the Class A common stock of Strategy Inc (formerly MicroStrategy Incorporated). The notes will mature on thestated maturity date (expected to be October 2, 2030), unless automatically called on any observation date,commencing in September 2026 to and including August 2030. Your notes will be automatically called if the closingprice ofeachindex stock on any such observation date isgreater thanorequal toits initial price (set on the trade date(expected to be September 25, 2025) and will be an intra-day price or the closing price of one share of such indexstock on the trade date). If your notes are automatically called, you will receive a payment on the next payment date(the fifth business day after the relevant observation date) equal to the face amount of your notesplusa coupon (asdescribed below). Observation dates are expected to be the 25th day of each month, commencing in October 2025 and ending inSeptember 2030. If on any observation date the closing price ofeachindex stock isgreater thanorequalto 80% of itsinitial price, you will receive on the applicable payment date a coupon for each $1,000 face amount of your notes equalto (i) theproductof $6.667 (0.6667% monthly, or the potential for up to approximately 8% per annum)timesthe numberof observation dates that have occurred up to and including the relevant observation dateminus(ii) thesumof allcoupons previously paid (the maximum coupon amount). If the closing price ofanyindex stock on an observation dateisless than80% of its initial price, you will receive on the applicable payment date a coupon of $0.209 (0.0209%monthly, or the potential for up to approximately 0.25% per annum) for each $1,000 face amount of your notes (theminimum coupon amount). At maturity, for each $1,000 face amount of your notes you will receive $1,000 plus the final coupon. 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 S-19.The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to be between $850 and $890 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. expected to be September 30, 2025Original issue price:100% of the face amount* Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount* The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page S-39foradditional information regarding the fees comprising the underwriting discount. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapprovedof 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, abank. Goldman Sachs & Co. LLC Prospectus Supplement No.dated, 2025. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We maydecide to sell additional notes after the date of this prospectus supplement, at issue prices and with underwritingdiscounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative) onyour investment in notes will depend in part on the issue price you pay for such notes. GS Finance Corp. may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or anyother affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale.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. Estimated Value of Your Notes The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined byreference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads)is expected to be between $850 and $890 per $1,000 face amount, which is less than the original issue price. Thevalue of your notes at any time will reflect many factors and cannot be predicted; however, the price (not includingGS&Co.’s customary bid and ask spreads) at which GS&Co