高盛美股招股说明书(2025-09-25版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminarypricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdictionwhere the offer or sale isnot permitted. Subject to Completion. Dated September 24, 2025. GS Finance Corp.$ Index-Linked Notes due guaranteed by The Goldman Sachs Group, Inc. The notes (CUSIP: 40058QBP3) do not bear interest.The amount that you will be paid on your notes on the statedmaturity date (expected to be October 13, 2027) is based onthe lesser performing of the Nasdaq-100 Index®and theS&P 500®Indexas measured from the trade date (expected to be October 7, 2025) to and including the determinationdate (expected to be October 7, 2027). If the final level ofeachindex on the determination date isgreater thanits initial level (set on the trade date and will bean intra-day level or the closing level of such index on the trade date), the return on your notes will be positive and willequal the index return of the lesser performing index, subject to the maximum settlement amount of $1,145 for each$1,000 face amount of your notes. If the final level ofanyindex isequal toorless thanits initial level, you will receive the face amount of your notes. The amount that you will be paid on your notes at maturity is based on the performance of the index with the lowestindex return. The index return for each index is the percentage increase or decrease in the final level of such indexfrom its initial level. On the stated maturity date, for each $1,000 face amount of your notes, you will receive an amountin cash equal to: •if the index return ofeachindex ispositive(the final level ofeachindex isgreater thanits initial level), thesumof (i)$1,000plus(ii) theproductof (a) $1,000times(b) the lesser performing index return, subject to the maximumsettlement amount; or•if the index return ofanyindex iszeroornegative(the final level ofanyindex isequal toorless thanits initial level),$1,000. 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 PS-10. 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 October 10, 2025Original issue price:Underwriting discount:% of the face amount* 100% of the face amount*Net proceeds to theissuer:% of the face amount * See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-21for additional information regarding thefees 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. LLCPricing Supplement No.dated, 2025. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decideto sell additional notes after the date of this pricing supplement, at issue prices and with underwriting discounts and netproceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment innotes 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 yournotes 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 creditspreads) is expected to be between $925 and $955 per $1,000 face amount, which is less than the original issueprice. The value of your notes at any time will reflect many factors and cannot be predicted; however, the price (notincluding GS&Co.’s customary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes amarket, which it is not obligated to do) and the value that GS&Co. will initially use for account statements andotherwise is equal to approximately the estimated value of your