高盛美股招股说明书(2025-10-03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 2, 2025.GS Finance Corp. $Leveraged Buffered EURO STOXX 50Index-Linked Notes due 2030guaranteed byThe Goldman Sachs Group, Inc.® •If the final underlier level on the determination date is greater than the initial underlier level, the return on your notes will bepositive and will equal the upside participation ratetimesthe underlierreturn.•If the final underlier level isequal toorless thanthe initial underlier level, but not by more than the buffer amount, you willreceive the face amount of your notes.•If the final underlier level isless thanthe initial underlier level by more than the buffer amount, the return on your notes will benegative and you will lose 1% of the face amount of your notes for every 1% that the final underlier level has declined below thebuffer level.You could lose a significant portion of the face amount of your notes.Interest:The notes do not bear interest. The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk ofGS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-5.Key Terms Company (Issuer) / Guarantor:GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount:$ * subject to adjustment as described in the accompanying general terms supplement Our estimated value of thenotes on trade date /Additional amount /Additional amount end date:$885 to $935 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 thesesecurities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminaloffense. 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. 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: •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 notes. We have not authorized anyone to provide any information or to make any representations other than those containedin or incorporated by reference in this pricing supplement and the accompanying documents listed above. We take noresponsibility for, and can provide no assurance as to the reliability of, any other information that others may provide.This pricing supplement and the accompanying documents listed above are an offer to sell only the notes offeredhereby, but only under cir