高盛美股招股说明书(2025-10-28版)

Subject to Completion. October 27, 2025.GS Finance Corp. $ The Goldman Sachs Group, Inc. The notes do not bear interest.The notes will mature on the stated maturity date (expected to be October 31, 2030),unless we redeem them.We may redeem your notes at 100% of their face amount plus an amountequal totheproductof $1,000times the applicable call premium amount on any call payment date (expected to be the monthly dates specified onpage PS-4of this pricing supplement).The call payment dates and applicable call premium amount for each callpayment date are specified on page PS-4of this pricing supplement. If we donotredeem your notes, the amount that you will be paid on your notes on the stated maturity date is based onthe performance of the S&P 500®Futures Excess Return Index as measured from the trade date (expected to beOctober 29, 2025) to and including the determination date (expected to be October 17, 2030). The index tracks the performance of E-mini S&P 500 futures contracts, not the S&P 500®Index. Generally, thereturn on an investment in a futures contract is correlated with, but not the same as, the return on buying andholding the securities underlying such contract. If the final index level on the determination date isgreater thanorequal tothe initial index level (set on the trade dateand will be an intra-day level or the closing level of the index on the trade date), the return on your notes will be positiveor zero and will equal 1.25timesthe index return. The index return is the percentage increase or decrease in the finalindex level from the initial index level. If the final index level isless thanthe initial index level, butgreater thanorequalto75% of the initial index level, the return on your notes will be equal to the absolute value of the index return (e.g., ifthe index return is -10%, your return will be +10%). If the final index level isless than75% of the initial index level, thereturn on your notes will be negative.You could lose a substantial portion of your investment in the notes. For example, if the index return is -25%, you will receive a positive return of 25% on your notes; however, if theindex return is -26%, you will lose 1% of the value of your notes. You could lose a significant portion of the faceamount of your notes at maturity.At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: •if the final index level isgreater thanorequal tothe initial index level, thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) 1.25times(c) the index return;•if the final index level isgreater thanorequal to75% of the initial index level butless thanthe initial index level, thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the absolute value of the index return; or•if the final index level isless than75% of the initial index level, thesumof (i) $1,000plus(ii) theproductof (a) thesumof the index returnplus25%times(b) $1,000.You will receive less than the face amount of your notes. 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 PS-9. The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to bebetween $885 and $925 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 31, 2025Original issue price:100% of the face amount*Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount * The original issue price will be% for certain investors; see “Supplemental Plan of Distribution; Conflicts of Interest”on page PS-20for additional information regarding the fees comprising the underwriting discount.Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to thecontrary is a criminal offense. The notes are not bank deposits and are not insured by the Federal DepositInsurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, abank.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 may decideto sell additional notes after the date of this pricing supplement, at issue prices and with underwriting discounts and netproceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investment innotes 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 or anyother