高盛美股招股说明书(2025-09-29版)

October 2025Preliminary Pricing Supplement filed pursuant to Rule 424(b)(2) dated September 26, 2025 / Registration Statement No. 333-284538STRUCTURED INVESTMENTSOpportunities in International EquitiesThe 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 is not permitted. Subject to Completion. Dated September 26, 2025.GS Finance Corp. PLUS Based on the Value of the EURO STOXX 50Index due February 3,2027® Principal at Risk Securities The Performance Leveraged Upside SecuritiesSM(PLUS) do not bear interest and are unsecured notes issuedby GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.The amount that you will be paid on yourPLUS on the stated maturity date is based on the performance of the EURO STOXX 50®Index as measured from thepricing date to and including the valuation date. If the final index value (the index closing value on the valuation date) isgreater thanthe initial index value, the return onyour PLUS will be positive and equal to theproductof the leverage factormultipliedby the index percent increase (thepercentage increase in the final index value from the initial index value), subject to the maximum payment at maturity.Ifthe final index value is less than the initial index value, you will lose a portion of your investment. The PLUS are for investors willing to forgo interest payments and risk losing their entire investment for the potential toearn 300% of any positive return of the underlying index, subject to the maximum payment at maturity. * Morgan Stanley Wealth Management, acting as dealer for the offering, will receive a selling concession of $22.50 for each PLUS itsells. It has informed us that it intends to internally allocate $5.00 of the selling concession for each PLUS as a structuring fee. Your investment in the PLUS involves certain risks, including the credit risk of GS Finance Corp. and The Goldman SachsGroup, Inc. See page PS-9.You should read the disclosure herein to better understand the terms and risks of your investment. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of thesesecurities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminaloffense. The PLUS are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency, nor are they obligations of, or guaranteed by, a bank. Goldman Sachs & Co. LLC The issue price, underwriting discount and net proceeds listed on the cover page relate to the PLUS we sell initially. Wemay decide to sell additional PLUS 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) onyour investment in PLUS will depend in part on the issue price you pay for such PLUS. GS Finance Corp. may use this prospectus in the initial sale of the PLUS. In addition, Goldman Sachs & Co. LLC orany other affiliate of GS Finance Corp., may use this prospectus in a market-making transaction in a PLUS after itsinitial sale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale,this prospectus is being used in a market-making transaction. About Your PLUS The PLUS are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully andunconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement andthe accompanying documents listed below. This pricing supplement constitutes a supplement to the documents listedbelow, does not set forth all of the terms of your PLUS and therefore should be read in conjunction with suchdocuments: •General terms supplement no. 17,741 dated February 14, 2025 •Underlier supplement no. 46 dated September 22, 2025 •Prospectus supplement dated February 14, 2025 •Prospectus dated February 14, 2025 The information in this pricing supplement supersedes any conflicting information in the documents listed above. Inaddition, some of the terms or features described in the listed documents may not apply to your PLUS. We refer to the PLUS we are offering by this pricing supplement as the “offered PLUS” or the “PLUS”. Each of theoffered PLUS has the terms described in this pricing supplement. Please note that in this pricing supplement,references to “GS Finance Corp.”, “we”, “our” and “us” mean only GS Finance Corp. and do not include itssubsidiaries or affiliates, references to “The Goldman Sachs Group, Inc.”, our parent company, mean only TheGoldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to “Goldman Sachs” meanThe Goldman Sachs Group, Inc. together with its consolidated s