高盛美股招股说明书(2025-10-01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 is not permitted. Subject to Completion. Dated October 1, 2025.GS Finance Corp. $ Goldman Sachs Momentum BuilderFocus ER Index-Linked Notes due 2029guaranteed byThe Goldman Sachs Group, Inc.® Payment at Maturity:The amount that you will be paid on your notes on the stated maturity date is based on the performance ofthe index as measured from the trade date to and including the determination date. If the final index level on the determination dateis greater than the initial index level, the return on your notes will be positive and will equal the upside participation ratetimestheindex return. If the final index level isequal toorless thanthe initial index level, you will receive the face amount of your notes.Interest:The notes do not bear interest. The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date.Youshould read the disclosure herein to better understand the terms and risks of your investment, including the credit risk ofGS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-10.Key Terms Company (Issuer) / Guarantor:GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount:$ the Goldman Sachs Momentum BuilderFocus ER Index (current Bloomberg symbol: “GSMBFC5Index”)The index measures the performance of a “base index,” which is composed of up to nine® The daily base index return is subject to a deduction equal to the return on the federalfunds rate and, in addition, the entire index is subject to a deduction of 0.65% per annum(accruing daily).The net effect of the deduction for the federal funds rate on the base index and the 0.65% For more information about the index, including its fees and deductions, see “IndexSummary”.at least 305% Our estimated value of thenotes on trade date /Additional amount /Additional amount end date:$880 to $910 per $1,000 face amount, which is less than the original issue price. The additionalamount is $and the additional amount end date is. See “The Estimated Value of YourNotes At the Time the Terms of Your Notes Are Set On the Trade Date Is Less Than the OriginalIssue Price Of Your Notes.” 1The original issue price will be% for certain investors; see "Supplemental Plan of Distribution; Conflicts of Interest" foradditional information regarding the fees comprising the underwriting discount.Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. The notes 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 Pricing Supplement No.dated, 2025. Key Terms (continued)Trade date: 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 orany other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initialsale.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. About Your Prospectus The notes 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 notes and therefore should be read in conjunction with suchdocuments: •September 2025 MOBU Focus ER index supplement addendum dated September 22, 2025•MOBU Focus ER index supplement no. 3 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 notes. We have not authorized anyone to provide any information or to make any representations other than those containedin or