高盛美股招股说明书(2025-09-16版)

preliminary prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities inany jurisdiction where the offer or sale is not permitted. Subject to Completion. Dated September 15, 2025.GS Finance Corp. $ Autocallable Contingent Coupon Equity-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. If the closing price of the common stock of lululemon athletica inc., the common stock of TG Therapeutics, Inc. or the common stock of UnitedHealth Group Incorporated on any observation date isless than60% of its initialprice, you will not receive a coupon on the applicable payment date.The amount that you will be paid on yournotes is based on the performances of the index stocks. The notes will mature on the stated maturity date (expected tobe September 28, 2028), unless automatically called on any observation date commencing in March 2026 to andincluding August 2028. Your notes will be automatically called if the closing price of each index stock on any suchobservation 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 index stock on the trade date). If your notes areautomatically called, you will receive a payment on the next payment date (the third business day after the relevantobservation date) equal to the face amount of your notesplusa coupon (as described below). Observation dates are expected to be the 25th day of each month, commencing in October 2025 and ending inSeptember 2028. If on any observation date the closing price of each index stock isgreater thanorequalto 60% 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 $18.334 (1.8334% monthly, or the potential for up to approximately 22% per annum)timesthenumber of observation dates that have occurred up to and including the relevant observation dateminus(ii) thesumofall coupons previously paid, if any. The amount that you will be paid on your notes at maturity, if they have not been automatically called, in addition to thefinal coupon, if any, is based on the performance of the index stock with the lowest index stock return. The index stockreturn for each index stock is the percentage increase or decrease in the closing price of such index stock on thedetermination date (the final observation date, expected to be September 25, 2028) from its initial price. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: •if the index stock return of each index stock isgreater thanorequal to-40% (the final price of each index stock isgreater than or equal to60% of its initial price), thesumof (i) $1,000plus(ii) a coupon calculated as describedabove;•If the index stock return of each index stock isgreater thanorequal to-50%(the final price of each index stock isgreater thanorequal to50% of its initial price) but the index stock return of any index stock isless than-40% (thefinal price of any index stock isless than60% of its initial price), $1,000(you will not receive a coupon);or•if the index stock return of any index stock isless than-50% (the final price of any index stock isless than50% ofits initial price), thesumof (i) $1,000plus(ii) theproductof (a) the lesser performing index stock returntimes(b)$1,000.You will receiveless than50% of the face amount of your notes and no coupon. If the index stock return for any index stock isless than-50%, the percentage of the face amount of your notesyou will receive will be based on the performance of the index stock with the lowest index stock return. In suchevent, you will receiveless than50% of the face amount of your notes and no 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-21. The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to bebetween $925 and $955 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. Original issue date:expected to be September 30,2025Original issue price:100% of the face amount* * The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page S-41foradditional 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