高盛美股招股说明书(2025-09-19版)

Filed pursuant to Rule 424(b)(2) / Registration Statement No. 333-284538The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricingsupplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or saleis not permitted.Subject to Completion. Dated September 18, 2025. GS Finance Corp. $Trigger Autocallable GEARS Linked to an Equally Weighted Basket of Stocks dueguaranteed by The Goldman Sachs Group, Inc. Investment Description The amount you will be paid on your securities is based on the performance of an equally weighted basket comprised of thecommon stock, ordinary shares or American depositary shares (basket stocks) of 17 companies. The securities are unsecurednotes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The securities will mature on the statedmaturity date unless they are automatically called on the call observation date. The initial basket level is 100 and the closing level of the basket on the call observation date and the determination date, asapplicable, will equal thesumof theproducts, as calculated for each basket stock, of: (i) its closing price on the call observationdate or determination date, as applicable,dividedby its initial basket stock price on the trade datemultipliedby (ii) its initialweighted value. Unless your securities are automatically called, if the closing level of the basket on the determination date (the final basket level)isgreater thanthe initial basket level, then the return on your securities will be positive and equal theproduct ofthe upsidegearingtimesthe basket return (the percentage increase or decrease in the final basket level from the initial basket level). If thefinal basket level isequal toorless thanthe initial basket level butgreater thanorequal tothe downside threshold, you willreceive the face amount of your securities at maturity. If the final basket level is less than the downside threshold, you will receive less than the face amount of your securities, resultingin a percentage loss on your investment equal to the basket return and you could lose all of your investment. Your securities will be automatically called if the closing level of the basket on the call observation date isgreater thanorequaltothe autocall barrier, resulting in a payment on the call payment date for each $10 face amount of your securitiesequal totheface amount per securityplustheproduct of$10timesthe call return specified below. Declines in one basket stock may offset increases in the other basket stocks. Investing in the securities involves significant risks. You may lose a significant portion or all of your investment and willnot receive any coupon during the term of the securities. The contingent repayment of principal applies only at maturity.Any payment on the securities, including any repayment of principal, is subject to the creditworthiness of GS Finance Corp.and The Goldman Sachs Group, Inc. FeaturesO Notice to investors: the securities are a riskier investment than ordinary debt securities. GS Finance Corp. is not necessarilyobligated to repay the face amount of the securities at maturity, and the securities may have the same downside marketrisk as the basket. This market risk is in addition to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.You should not purchase the securities if you do not understand or are not comfortable with the significant risks involvedin investing in the securities. You should read the disclosure herein to better understand the terms and risks of your investment, including the credit riskof GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-12.Key Terms The estimated value of your securities at the time the terms of your securities are set on the trade date is expected to be between$9.10 and $9.40 per $10 face amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co. LLCwould initially buy or sell your securities, if it makes a market in the securities, see page PS-2. Pricing Supplement No.dated, 2025. The issue price, underwriting discount and net proceeds listed above relate to the securities we sell initially. We maydecide to sell additional securities after the date of this pricing supplement , at issue prices and with underwritingdiscounts and net proceeds that differ from the amounts set forth above. The return (whether positive or negative)on your investment in securities will depend in part on the issue price you pay for such securities. GS Finance Corp. may use this prospectus in the initial sale of the securities. In addition, Goldman Sachs & Co. LLCor any other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a security afterits initial sale. Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, thisprospectus is being used in a m