高盛美股招股说明书(2025-09-26版)

Subject to Completion. Dated September 26, 2025.GS Finance Corp.$Autocallable iSharesBitcoin Trust ETF-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc.® The notes do not bear interest.The notes will mature on the stated maturity date (expected to be October 20, 2027)unless they are automatically called on the call observation date (expected to be October 22, 2026). Your notes will beautomatically called on the call observation date if the closing level of the iShares®Bitcoin Trust ETF (ETF) on suchdate isgreater thanorequal tothe initial ETF level (set on the trade date and will be an intra-day level or the closinglevel of the ETF on the trade date (expected to be October 15, 2025)), resulting in a payment on the call payment date(expected to be October 27, 2026) for each $1,000 face amount of your notesequal to $1,075. If your notes arenotautomatically called, the amount that you will be paid on your notes on the stated maturity date willbe based on the performance of the ETF as measured from the trade date to and including the determination date(expected to be October 15, 2027). If the final ETF level on the determination date isgreater thanthe initial ETF level, the return on your notes will bepositive and will equal 3.5timesthe ETF return. The ETF return is the percentage increase or decrease in the final ETFlevel from the initial ETF level. If the final ETF level declines from the initial ETF level, the return on your notes will be negative and will equal the ETFreturn.You could lose your entire investment in the notes. ●if the ETF return ispositive(the final ETF level isgreater thanthe initial ETF level), thesumof (i) $1,000plus(ii)theproductof (a) $1,000times(b) 3.5times(c) the ETF return; or●if the ETF return iszeroornegative(the final ETF level isequal toorless thanthe initial ETF level), thesumof (i)$1,000plus(ii) theproduct of(a) $1,000times(b) the ETF return.You could receive less than the face amountof your notes. Investors should be knowledgeable about the risks associated with cryptocurrencies and digital assets because theETF seeks to reflect generally the performance of the price of bitcoin and therefore the notes involve significant risks ininvestments tracking cryptocurrencies.Bitcoin has historically exhibited high price volatility relative to moretraditional asset classes and has experienced extreme volatility in recent periods and may continue to do so. By purchasing the notes, you are deemed to represent to Goldman Sachs that you are not subject to the lawsof any non-U.S. jurisdiction prohibiting the purchase or ownership of notes of this type. 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 be between $900 and $930 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 20, 2025Underwriting discount:% of the face amount Original issue price:100% of the face amountNet proceeds to the issuer:% of the face amount 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 Pricing 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 pricing supplement, at issue prices and with underwriting discountsand net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on yourinvestment 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 $900 and $930 per $1,000 face amount, w