高盛美股招股说明书(2025-11-04版)

Subject to Completion.October 31, 2025.GS Finance Corp. $ Autocallable Contingent Coupon ETF-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. If the closing level of any of the State Street®SPDR®S&P®Bank ETF or the VanEck Semiconductor ETF on anymonthly coupon observation date isless than75%of its initial level, you willnotreceive a coupon on theapplicable payment date. The amount that you will be paid on your notes is based on the performances of the ETFs. Thenotes will mature on the stated maturity date (expected to be August 21, 2028), unless automatically called on anyobservation date commencing in May 2026 to and including July 2028. Your notes will be automatically called if the closinglevel ofeachETF on any such observation date isgreater thanorequal to95% of its initial level (set on the trade date,expected to be November 13, 2025, and will be an intra-day level or the closing level of such ETF on the trade date). Ifyour notes are automatically called, you will receive a payment on the next payment date (the fifth business day after therelevant observation date) equal to the face amount of your notesplusa coupon (as described below). The return on your notes is linked to the performance of each ETF, and in each case not to that of the index onwhich such ETF is based.Observation dates are expected to be the 13th day of each month (provided that the observation date for August 2028 is expected to be August 14, 2028), commencing in December 2025 and ending in August 2028. If on any observation datethe closing level ofeachETF isgreater than or equal to75% of its initial level, you will receive on the applicable paymentdate a coupon for each $1,000 face amount of your notes equal to $7.667 (0.7667% monthly, or the potential for up toapproximately 9.2% per annum). The amount that you will be paid on your notes at maturity, if they have not been automatically called, in addition to thefinal coupon, if any, is based on the performance of the ETF with the lowest ETF return. The ETF return for each ETF isthe percentage increase or decrease in the closing level of such ETF on the determination date (the final couponobservation date, expected to be August 14, 2028) from its initial level. At maturity, for each $1,000 face amount of your notes you will receive an amount in cash equal to: ●if the ETF return ofeachETF isgreater thanorequal to-20% (the final level of each ETF isgreater thanorequal to80% of its initial level), $1,000 plus the final coupon;●if the ETF return of each ETF is greater than or equal to -25% (the final level of each ETF is greater than or equal to75% of its initial level) but the ETF return of any ETF is less than -20% (the final level of any ETF is less than 80% ofits initial level),the sum of (i) $1,000 plus (ii) the product of (a) the sum of the lesser performing ETF return plus 20%times (b) $1,000 plus (iii) the final coupon(you will receive between 95% and 99.99% of the face amount of yournotes and the final coupon); or●if the ETF return ofanyETF is less than -25% (the final level ofanyETF isless than75% of its initial level), thesumof(i) $1,000 plus (ii) theproduct of(a) thesum ofthe lesser performing ETF returnplus20%times(b) $1,000.You willreceiveless thanthe face amount of your notes and no coupon. You should read the disclosure herein to better understand the terms and risks of your investment, including thecredit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-14. The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to be between$900 and $930 per $1,000 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 the following page. Original issue date:expected to be November 18,2025Original issue price:100% of the face amount*Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount 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 contraryis a criminal offense. The notes 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 Pricing Supplement No.dated, 2025. The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide tosell 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