高盛美股招股说明书(2025-09-15版)

pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdictionwhere the offer or sale is not permitted. Filed Pursuant to Rule 424(b)(2)Registration Statement No. 333-284538Subject to Completion. Dated September 15, 2025. GS Finance Corp. $ Autocallable Contingent Coupon S&P 500®Futures 40% VT Adaptive Response 6% DecrementIndex (USD) ER-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. If the closing level of the S&P 500®Futures 40% VT Adaptive Response 6% Decrement Index (USD) ER on anyobservation date isless than60% of the initial underlier level, you will not receive a coupon on the applicablepayment date.The amount that you will be paid on your notes is based on the performance of the index. The notes willmature on the stated maturity date (expected to be September 23, 2030), unless automatically called on any observationdate, commencing in March 2026 to and including August 2030. Your notes will be automatically called if the closing levelof the index on any such observation date isgreater thanorequal to90% ofthe initial underlier level (set on the tradedate (expected to be September 18, 2025)) and will be the closing level of the index on the trade date. If your notes areautomatically called, you will receive a payment on the next payment date (expected to be the third business day after therelevant call observation date) equal to the face amount of your notesplusa coupon (as described below).Observation dates are expected to be the 18th day of each month, commencing in October 2025 and ending in September 2030. If on any observation date the closing level of the index is greater than or equal to 60% of the initialunderlier level, you will receive on the applicable payment date a coupon for each $1,000 face amount of your notes equalto $7.375 (0.7375% monthly, or the potential for up to 8.85% per annum).The index attempts to provide exposure to the S&P 500® Futures Excess Return Index with a rules-based overlay thatadjusts exposure to the S&P 500®Futures Excess Return Index on a daily basis. The objective of these rules, takencollectively, is to create an index that provides for volatility-adjusted exposure to the S&P 500®Futures Excess ReturnIndex, coupled with further adjustments based on calendar-based signals and price patterns, subject to a maximumexposure of 500% and a maximum daily change in leverage of 100%. In addition, the index is subject to a daily decrementof 6.0% per annum.The S&P 500® Futures Excess Return Index tracks the performance of E-mini S&P 500 futures contracts, not the S&P500®Index. Generally, the return on an investment in a futures contract is correlated with, but not the same as, the returnon buying and holding the securities underlying such contract.The index is subject to risks associated with the use of significant leverage. Investors should be aware that the use of leverage will magnify and accelerate any negative performance of the index. The index is also subject to acap on the maximum daily change in leverage of 100%, which may result in the index leveraging up more slowlyin the event of a market rally, and/or deleveraging more slowly in the event of a market sell-off, compared to anidentical index that does not cap the amount of daily leverage change.In addition, a per annum deduction that is a fixed 6.0% of the index level, also known as a decrement, is deducted daily, even when the index is not fully invested. The deduction of the decrement has the effect of offsettingpositive returns, and worsening negative returns, on the performance of the index, and the inclusion of thedecrement means the index will trail the performance of an identical index without such a decrement feature. Inaddition, the index may be significantly uninvested in the S&P 500®Futures Excess Return Index on any givenday, and, in that case, will realize only a portion of any gains in the appreciation of the S&P 500®Futures ExcessReturn Index or the E-mini S&P 500 futures contracts on that day and any uninvested portion will earn no return.The index attempts to provide exposure to the S&P 500®Futures Excess Return Index. The S&P 500®FuturesExcess Return Index tracks futures contracts on the S&P 500®Index and is likely to underperform the total returnperformance of the S&P 500®Index because of an implicit financing cost.The description above is only a summary. For a more detailed description of the index, see “Index Summary” The amount that you will be paid on your notes at maturity,if the notes have not been automatically called, in addition tothe final coupon, if any, is based on the performance of the index. The underlier return is the percentage increase ordecrease in the closing level of the index on the determination date (the final observation date, expected to be September18, 2030) from the initial underlier level.At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: if t