高盛美股招股说明书(2025-10-09版)

Subject to Completion. Dated October 8, 2025. GS Finance Corp. Dual Directional Trigger PLUS Based on the Performance of the Common Stock ofVistra Corp. due October 13, 2028 Principal at Risk Securities The Dual Directional Trigger Performance Leveraged Upside SecuritiesSM(Trigger PLUS) do not bear interest and areunsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc.The amount thatyou will be paid on your Trigger PLUS on the stated maturity date is based on the performance of the common stock of VistraCorp. as measured from the pricing date to and including the valuation date. If the final share price (the closing price of the underlying stock on the valuation date) isgreater thanthe initial share price,the return on your Trigger PLUS will be positive and equal to the product of the upside leverage factormultiplied bythe sharepercent change (the percentage change in the final share price from the initial share price), subject to the maximum upsidepayment.If the final share price isequal toorless thanthe initial share price butgreater thanorequal tothe trigger price, youwill receive the principal amount of your Trigger PLUS plus a positive return reflecting the downside leverage factormultipliedbythe absolute value of the share percentage change (e.g.,if the share percentage change is -5.00%, your return will be+10.00%).However, if the final share price is less than the trigger price, you will lose a significant portion or all ofyour investment.The Trigger PLUS are for investors who seek the potential to earn 200.00% of any positive return of the underlying stock, subject to the maximum upside payment at maturity, seek a leveraged positive return for moderate decreases in theunderlying stock, are willing to forgo interest payments and are willing to risk losing their entire investment if the final shareprice is less than the trigger price. * Morgan Stanley Wealth Management, acting as dealer for the offering, will receive a selling concession of $30.00 for each TriggerPLUS it sells. It has informed us that it intends to internally allocate $5.00 of the selling concession for each Trigger PLUS as astructuring fee. Your investment in the Trigger PLUS involves certain risks, including the credit risk of GS Finance Corp. and TheGoldman Sachs Group, Inc. See page PS-11.You should read the disclosure herein to better understand the terms andrisks of your investment. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved ofthese securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary isa criminal offense. The Trigger PLUS are not bank deposits and are not insured by the Federal Deposit InsuranceCorporation or any other governmental 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 Trigger PLUS we sellinitially. We may decide to sell additional Trigger PLUS after the date of this pricing supplement, at issue prices andwith underwriting discounts and net proceeds that differ from the amounts set forth above. The return (whether positiveor negative) on your investment in Trigger PLUS will depend in part on the issue price you pay for such Trigger PLUS. GS Finance Corp. may use this prospectus in the initial sale of the Trigger PLUS. In addition, Goldman Sachs & Co.LLC or any other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a TriggerPLUS after its initial sale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in theconfirmation of sale, this prospectus is being used in a market-making transaction. Estimated Value of Your Trigger PLUS The estimated value of your Trigger PLUS at the time the terms of your Trigger PLUS are set on the pricing date (asdetermined by reference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account ourcredit spreads) is expected to be in the range (the estimated value range) specified on the cover of this pricingsupplement (per $1,000 principal amount), which is less than the original issue price. The value of your Trigger PLUSat any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.’s customarybid and ask spreads) at which GS&Co. would initially buy or sell Trigger PLUS (if it makes a market, which it is notobligated to do) and the value that GS&Co. will initially use for account statements and otherwise is equal toapproximately the estimated value of your Trigger PLUS at the time of pricing, plus an additional amount (initiallyequal to $per $1,000 principal amount).The price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sell your Trigger PLUS (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the t