高盛美股招股说明书(2025-11-05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 November 4, 2025.GS Finance Corp.$Autocallable Buffered Basket-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notes do not bear interest.The amount that you will be paid on your notes is based on the performance of anequally weighted basket comprised of the common stock or ordinary shares (the basket stocks) of 8 companies. For afull list of the basket stocks, see page S-3. Each basket stock has an initial weighting of 12.5% and an initial weightedvalue of 12.5. The notes will mature on the stated maturity date (expected to be November 12, 2027), unless they areautomatically called on the call observation date (expected to be November 20, 2026). The initial basket level is 100 and the closing level of the basket on the call observation date and on the determinationdate (expected to be November 8, 2027), as applicable, will equal thesumof theproducts, as calculated for eachbasket stock, of: (i) its closing price on the call observation date or determination date, as applicable,dividedby its initialbasket stock price (set on the trade date, expected to be November 7, 2025)multipliedby (ii) its initial weighted value. Your notes will be automatically called on the call observation date if the closing level of the basket on such date isgreater thanorequal tothe initial basket level, resulting in a payment on the call payment date (expected to beNovember 25, 2026) for each $1,000 face amount of your notes equal to at least $1,168.2 (set on the trade date). If your notes arenotautomatically called on the call observation date, we will determine your payment at maturity bycalculating the basket return, which is the percentage increase or decrease in the closing level of the basket on thedetermination date (the final basket level) from the initial basket level. At maturity, for each $1,000 face amount of yournotes, you will receive an amount in cash equal to: •if the basket return ispositive(the final basket level isgreater thanthe initial basket level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) 1.25times(c) the basket return;•if the basket return is zero ornegativebutnot below-15% (the final basket level is equal to orless thanthe initialbasket level but not by more than 15%), $1,000; or•if the basket return isnegativeand isbelow-15% (the final basket level isless thanthe initial basket level by morethan 15%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the buffer rate of approximately117.65%times(c) thesum ofthe basket returnplus15%.You will receive less than the face amount of yournotes. Declines in one basket stock may offset increases in the other basket stocks. 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-23. The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to bebetween $900 and $930 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 November 13,2025Original issue price:100% of the face amountUnderwriting discount:% of the face amountNet proceeds to the issuer:% of the face amount11,2 1Accounts of certain national banks, acting as purchase agents for such accounts, have agreed with the purchaseagents to pay a purchase price of% of the face amount, and as a result of such agreements, the agents with respectto sales to be made to such accounts will not receive any portion of the underwriting discount.2This includes a selling concession of up to 1.5%. Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapprovedof 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 JPMorganPlacement Agent Prospectus 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 prospectus supplement, at issue prices and with underwriting discounts andnet proceeds that differ from the amounts set forth above. The return (whether positive or negative) on your investmentin notes 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