高盛美股招股说明书(2025-11-12版)

Subject to Completion. Dated November 12, 2025.GS Finance Corp. $ Leveraged S&P 500Futures Excess Return Index-Linked Notes dueguaranteed by® The 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 December 3, 2029) is based on the performance of the S&P 500®Futures Excess Return Index as measuredfrom the initial index level to the final index level. The initial index level will be the lowest of the closing levels of theindex during the observation period (which is each scheduled trading day from and including the trade date (expectedto be November 28, 2025) to and including May 28, 2026) and the final index level will be the closing level of the indexon the determination date (expected to be November 28, 2029). 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 thanthe initial index level, the return on your notes will bepositive and will equal the participation rate of 1.055timesthe indexreturn. If the final index level isless thanthe initial index level, the return on your notes will be negative.You could lose yourentire investment in the notes. To determine your payment at maturity, we will calculate the index return, which is the percentage increase or decreasein the final index level from the initial index level. At maturity, for each $1,000 face amount of your notes, you willreceive an amount in cash equal to: ●if the index return ispositive(the final index level isgreater thanthe initial index level), thesumof (i) $1,000plus(ii)theproductof (a) $1,000times(b) the participation ratetimes(c)the index return; or●if the index return iszeroornegative(the final index level isequal toorless thanthe initial index level), thesumof(i) $1,000plus(ii) theproductof (a) $1,000times(b) the index return. 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-10. The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to bebetween $905 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 December 3, 2025Original issue price:100% of the face amountUnderwriting discount:% of the face amountNet proceeds to the issuer:% of the face amount 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 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 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 yournotes 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)is expected to be between $905 and $955 per $1,000 face amount, which is less than the original issue price. Thevalue of your notes at any time will reflect many factors and cannot be predicted; however, the price (not includingGS&Co.’s customary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market,which it is not obligated to do) and the value that GS&Co. will initially use for account statements and otherwise isequal to approximately the estimated value of your notes at the time of pricing, plus an additional amount (initially equalto $per $1,