高盛美股招股说明书(2025-10-06版)

Subject To Completion, dated October 6, 2025Pricing Supplement No. [ ] dated [ ], 2025(To WFS Product Supplement No. 5 dated February 14, 2025,Prospectus Supplement dated February 14, 2025and Prospectus dated February 14, 2025) GS Finance Corp. Market Linked Securities—Auto-Callable with Contingent Coupon and FixedPercentage Buffered Downside Principal at Risk Securities Linked to the Common Stock of Broadcom Inc. due October 20, 2028Linked to the common stock of Broadcom Inc. (the “underlying stock”)Unlike ordinary debt securities, the securities do not provide for fixed payments of interest, do not repay a fixed amount of principal at stated maturity and are subject to potential automatic call prior to stated maturity uponthe terms described below.Whether the securities pay a contingent coupon, whether the securities areautomatically called prior to stated maturity and, if they are not automatically called, whether you receive theface amount of your securities at stated maturity will depend, in each case, on the stock closing price of theunderlying stock on the relevant calculation day.Contingent Coupon.The securities will pay a contingent coupon on a monthly basis until the earlier of stated ▪maturity or automatic call if,and only if, the stock closing price of the underlying stock on the calculation dayfor that month is greater than or equal to the coupon threshold price.However, if the stock closing price of theunderlying stock on a calculation day is less than the coupon threshold price, you will not receive any contingentcoupon for the relevant month.If the stock closing price of the underlying stock is less than the couponthreshold price on every calculation day, you will not receive any contingent coupons throughout the entire termof the securities. The coupon threshold price is equal to 80% of the starting price. The contingent coupon will bedetermined on the pricing date and for each $1,000 face amount of your securities will equal to at least $13.084(equivalent to a contingent coupon rate of at least approximately 15.70% per annum)▪Automatic Call.If the stock closing price of the underlying stock on any of the monthly calculation days from April 2026 to September 2028, inclusive, is greater than or equal to the starting price, the securities will beautomatically called for the face amount plus a final contingent coupon paymentPotential Loss of Principal.If the securities are not automatically called prior to stated maturity, you will receive the face amount at stated maturity if,and only if, the stock closing price of the underlying stock on thefinal calculation day is greater than or equal to the downside threshold price.If the stock closing price of theunderlying stock on the final calculation day is less than the downside threshold price, you will receive less thanthe face amount of your securities and have 1-to-1 downside exposure to the decrease in the price of theunderlying stock in excess of the buffer amount. The downside threshold priceis equal to 80% of the startingpriceIf the securities are not automatically called prior to stated maturity, you will have 1-to-1 downside exposure to ▪the decrease in the price of the underlying stock in excess of the buffer amount, but you will not participate inany appreciation of the underlying stock and will not receive any dividends on the underlying stock▪All payments on the securities are subject to credit risk, and you will have no ability to pursue the underlyingstock issuer for payment; if GS Finance Corp., as issuer, and The Goldman Sachs Group, Inc., as guarantor,default on their obligations, you could lose some or all of your investment▪No exchange listing; designed to be held to maturity The estimated value of your securities at the time the terms of your securities are set on the pricing dateis expected to be between $925 and $955 per $1,000 face amount. For a discussion of the estimatedvalue and the price at which Goldman Sachs & Co. LLC (“GS&Co.”) would initially buy or sell yoursecurities, if it makes a market in the securities, see page PS-10. The securities have more complex features than conventional debt securities and involve risks notassociated with conventional debt securities. You should read the disclosure herein to better understandthe terms and risks of your investment, including the credit risk of GS Finance Corp. and The GoldmanSachs Group, Inc. See page PS-10. Proceeds to Issuer(1) See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-24.In addition to the 2.325%, GS&Co. may pay to selected securities dealers a fee of up to 0.30% of the face amount in considerationfor marketing and other services in connection with the distribution of the securities to other securities dealers.(1)(2) Neither the Securities and Exchange Commission nor any other regulatory body has approved ordisapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Anyrepresentation to the c