高盛美股招股说明书(2025-11-13版)

Subject to Completion. Dated November 12, 2025.GS Finance Corp.$Digital VanEck BDC Income ETF-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notesdo not bear interest.The amount that you will be paid on your notes on the stated maturity date (expected tobe November 21, 2030) is based on the performance of the VanEck BDC Income ETF (ETF) as measured from the initialETF level (set on the trade date (expected to be November 18, 2025) and will be an intra-day level or the closing level ofthe ETF on the trade date) to the final ETF level on the determination date (expected to be November 18, 2030).The return on your notes is linked to the performance of the ETF, and not to that of the index on which the ETF is If the ETF return (the percentage change in the final ETF level from the initial ETF level) ispositive or zero, you will receive the maximum upside settlement amount of $1,287.5 for each $1,000 face amount of your notes.If the ETF return is negativeandthe final ETF level isequal toor greater than 50% of the initial ETF level, the return on your notes will be equal to the absolute value of the ETF return (e.g., if the ETF return is -10%, your return will be +10%).If the ETF return is negativeandthe final ETF level isless than50% of the initial ETF level, the return on your notes willbe the ETF return.In such case, the return on your notes will be negative.For example, if the ETF return is -50%, you will receive a positive return of 50% on your notes; however, if the ETF return is -51%, you will lose 51% of the value of your notes (a very significant negative change in the returnon your notes based on a small negative change in the index return). You could receive significantly less thanthe face amount 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 ETF return ispositive or zero(the final ETF level isgreater thanorequal tothe initial ETF level), the maximum upside settlement amount;●if the ETF return isnegativebutnot below-50% (the final ETF level isless thanthe initial ETF level butnot by morethan 50%), thesumof (i) $1,000plus(ii) theproductof $1,000timesthe absolute value of the ETF return; or●if the ETF return isnegativeand isbelow-50% (the final ETF level isless thanthe initial ETF level by more than50%), thesumof (i) $1,000plus(ii) theproductof (a) the ETF returntimes(b)$1,000.You will receive less than50% of the face amount of your notes.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-9.The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to be between $850 and $890 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 21, 2025Original issue price:100% of the face amount Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount*In addition to the%, the underwriting discount paid by us also includes a structuring fee of up to% of the faceamount. See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-21.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 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 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) isex