高盛美股招股说明书(2025-11-07版)

Subject to Completion. Dated November 7, 2025.GS Finance Corp.$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 on the stated maturity date (expectedto be November 24, 2027) is based on the performance of an unequally-weighted basket comprised of the commonstock, ordinary shares or American depositary shares (basket stocks) of 17 companies as measured from the trade date(expected to be November 19, 2025) to and including the determination date (expected to be November 19, 2027),subject to the adjustment below. For a full list of the basket stocks, see page S-3. The initial basket level is 100 and the final basket level on the determination date will equal thesumof the products, ascalculated for each basket stock, of: (i) its final basket stock price on the determination datedivided byits initial basketstock price (set on the trade date and will be an intra-day price or the closing price of one share of such basket stock onthe trade date)multiplied by(ii) its initial weighted value set forth on page S-3. To determine your payment at maturity, we will calculate the basket return, which is the percentage increase or decreasein the final basket level from the initial basket level. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to theproductof (i)102.1% (the adjustment factor)times(ii) thesum of(a) $1,000plus(b) theproductof (1) $1,000times(2) the basketreturn. If the basket return is less than approximately -2.0568%, you will receive less than $1,000 and you could loseyour entire investment in the 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 S-18. The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to bebetween $925 and $955 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 24, 2025Original issue price:100% of the face amount Underwriting discount:% of the face amountNet proceeds to the issuer:% of the face amount Neither the Securities and Exchange Commissionnor any other regulatory body has approved or disapproved ofthese 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, a bank.Goldman Sachs & Co. LLC 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 & Co. LLC or anyother affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale.Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, thisprospectus is being used in a market-making transaction. Estimated Value of Your Notes The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined byreference to pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) isexpected to be between $925 and $955 per $1,000 face amount, which is less than the original issue price. The value ofyour notes at any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.’scustomary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market, which it is notobligated to do) and the value that GS&Co. will initially use for account statements and otherwise is equal toapproximately the estimated value of your notes at the time of pricing, plus an additional amount (initially equal to $per $1,000 face amount). Prior to, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sell yournotes (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-currentestimated value of your notes (as determined by reference to GS&Co.’s pricing models) plus (b) any remainingadditional amount (the additional amount will decline to zero on a