高盛美股招股说明书(2025-10-15版)

prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where theoffer or sale is not permitted. Subject to Completion. Dated October 14, 2025.GS Finance Corp. $ Autocallable Contingent Coupon Equity-Linked Notes due guaranteed byThe Goldman Sachs Group, Inc. If the closing price of the Class A common stock of Robinhood Markets, Inc., the Class A common stock ofPalantir Technologies Inc. or the common stock of Tesla, Inc. on any observation date isless than60% of itsinitial price, you will not receive a coupon on the applicable payment date.The amount that you will be paid onyour notes is based on the performances of the index stocks. The notes will mature on the stated maturity date(expected to be October 27, 2028), unless automatically called on any observation date, commencing in October 2026to and including July 2028. Your notes will be automatically called if the closing price of each index stock on any suchobservation date isgreater thanorequal toits initial price (set on the trade date (expected to be October 24, 2025) andwill be an intra-day price or the closing price of one share of such index stock on the trade date). If your notes areautomatically called, you will receive a payment on the next payment date (the third business day after the relevantobservation date) equal to the face amount of your notesplusa coupon (as described below). Observation dates are expected to be the 24th of each January, April, July and October, commencing in January 2026and ending in October 2028. If on any observation date the closing price of each index stock isgreater thanorequalto60% of its initial price, you will receive on the applicable payment date a coupon for each $1,000 face amount of yournotes equal to (i) theproductof $60.625 (6.0625% quarterly, or up to 24.25% per annum)timesthe number ofobservation dates that have occurred up to and including the relevant observation dateminus(ii) thesumof allcoupons previously paid, if any. If your notes have not been automatically called, your payment on the stated maturity date will depend on whether atrigger event has occurred. A trigger event will occur if the closing price of all of the index stocks are less than theirrespective initial price on the determination date (the final observation date, expected to be October 24, 2028).If atrigger event has notoccurred, at maturity you will receive the face amount of your notes.Accordingly, if the closing price of any index stock is greater than or equal to its initial price on the determination date, you willreceive the face amount of your notes, regardless of the performance of the other index stocks.In addition, ifthe closing price of each index stock on the final observation date isgreater thanorequal to60% of its initial price, youwill also receive the final coupon. If atrigger event hasoccurred, at maturity you will receive an amount based on the performance of the index stockwith the lowest index stock return (the percentage increase or decrease in the closing price of such index stock on thedetermination date from its initial price).This amount will not exceed the face amount of your notes and could besignificantly less than the face amount of your notes.If the closing price of each index stock on the finalobservation date isgreater thanorequal to60% of its initial price, you will also receive the final coupon.At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to:•if atrigger event hasnotoccurred, $1,000, plus the final coupon if the final price ofeachindex stock isgreater thanorequal to60% of its initial price; or•if atrigger eventhasoccurred, either:oif the final price ofeachindex stock isgreater than or equal to60% of its initial price, $1,000 plus a couponcalculated as described above; oroif the final price ofanyindex stock isless than60% of its initial price, thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the lesser performing index stock return.You will receiveless than60% of the faceamount of your notes and no coupon. You should read the disclosure herein to better understand the terms and risks of your investment, includingthe credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page S-20.The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to be between $925 and $965 per $1,000 face amount. For a discussion of the estimated value and the price at whichGoldman Sachs & Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the followingpage.Original issue date:expected to be October 29, 2025Original issue price:100% of the face amount % of the face amount*Net proceeds to theissuer:* See “Supplemental Plan of Distribution” on page S-40for additional information regarding the fees comprising the Underwriting discount:% of the face amount underwriting discount.Neither the Secu