高盛美股招股说明书(2025-10-20版)

Subject to Completion. Dated October 17, 2025 GS Finance Corp. $Trigger Autocallable Contingent Yield Notesguaranteed by The Goldman Sachs Group, Inc. Linked to the least performing of the S&P 500Index, Russell 2000 Index and the EURO STOXX® 50IndexInvestment Description®® The amount you will be paid on your notes is based on the performance of the least performing of the S&P 500® Index, the Russell2000®Index and the EURO STOXX 50®Index. The notes are unsecured notes issued by GS Finance Corp. and guaranteed by TheGoldman Sachs Group, Inc. Your notes will pay a contingent coupon on a coupon payment date only if the closing level of eachindex on the applicable observation date (quarterly, including the determination date) is equal to or greater than its coupon barrier.Otherwise, no contingent coupon will be paid for the relevant coupon payment date. Commencing in January 2026, your notes willbe automatically called if the closing level of each index on any observation date is equal to or greater than its initial index level onthe trade date. If the notes are automatically called, you will receive on the applicable coupon payment date following suchobservation date a payment per note equal to the face amount plus the contingent coupon otherwise due, and no further paymentswill be owed to you under the notes. If the notes are not automatically called and the closing level of each index on the determinationdate (the final index level) is equal to or greater than its downside threshold (which is the same as its coupon barrier), you willreceive the face amount of your notes plus the final contingent coupon. If, however, the notes are not automatically called and thefinal index level of any index is less than its downside threshold, you will receive less than the face amount of your notes and you willnot receive a final contingent coupon, resulting in a percentage loss on your investment equal to the percentage change in the lesserperforming index from the trade date to the determination date (the index return) and you could lose all of your investment. Thelesser performing index is the index with the lowest index return.Investing in the notes involves significant risks. You may lose a significant portion or all of your investment and may not receive any contingent coupon during the term of the notes. You will be exposed to the market risk of each index on eachobservation date, including the determination date, and any decline in the level of one index may negatively affect yourreturn and will not be offset or mitigated by a lesser decline or any potential increase in the level of any other index.Generally, a higher contingent coupon on a note is associated with a greater risk of loss and a greater risk that you will notreceive contingent coupons over the term of the notes. The contingent repayment of principal applies only at maturity. Anypayment on the notes, including any repayment of principal, is subject to the creditworthiness of GS Finance Corp. andThe Goldman Sachs Group, Inc. FeaturesOPotential for Periodic Contingent Coupons –Your notes will pay a contingent coupon on a Notice to investors: the notes are a riskier investment than ordinary debt securities. GS Finance Corp. is not necessarilyobligated to repay the face amount of the notes at maturity, and the notes may have the same downside market risk as theindices. This market risk is in addition to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. Youshould not purchase the notes if you do not understand or are not comfortable with the significant risks involved ininvesting in the notes.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-15.Key Terms *The coupon barrier and the downside threshold will equal the same percentage of the index’s initial index level.The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to be between$9.50 and $9.80 per $10 face amount. For a discussion of the estimated value and the price at which Goldman Sachs & Co.LLC would initially buy or sell your notes, if it makes a market in the notes, see page PS-2. 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 pricing supplement . Any representation to the contrary is acriminal offense.The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation orany other governmental agency, nor are they obligations of, or guaranteed by, a bank.Goldman Sachs & Co. LLCUBS Financial Services Inc. Selling Agent, 2025. Pricing Supplement No.dated 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 prici