高盛美股招股说明书(2025-11-18版)

GS Finance Corp. $ Buffered S&P 500Index-Linked Notes due guaranteed 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 (expectedto be November 30, 2027) is based on the performance of the S&P 500®Index as measured from the initial index level(set on the trade date (expected to be November 24, 2025) and will be an intra-day level or the closing level of the indexon the trade date) to the final index level on the determination date (expected to be November 24, 2027). If the index return (the percentage change in the final index level from the initial index level) is positive or zero, the returnon your notes will be positive or zero and will equal the index return, subject to the maximum upside settlement amountof $1,171 for each $1,000 face amount of your notes. If the index return is negativeandthe final index level isequal toorgreater than80% of the initial index level, the returnon your notes will be equal to the absolute value of the index return (e.g., if the index return is -5%, your return will be+5%). If the index return is negativeandthe final index level isless than80% of the initial index level, the return on your noteswill be negative and will equal the index returnplus20%.You could lose a significant portion of the face amount ofyour notes. For example, if the index return is -20%, you will receive a positive return of 20% on your notes; however, if theindex return is -21%, you will lose 1% of the value of your notes. You could receive significantly less than theface 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 index return ispositiveorzero(the final index level isgreater thanorequal tothe initial index level), thesumof(i) $1,000plus(ii) theproductof (a) $1,000times(b) the index return, subject to the maximum upside settlementamount; ●if the index return isnegativebut notbelow-20% (the final index level isless thanthe initial index level, but not bymore than 20%), thesumof (i) $1,000plus(ii) theproductof $1,000timesthe absolute value of the index return; or ●if the index return isnegativeand isbelow-20% (the final index level isless thanthe initial index level by more than20%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) thesum ofthe index returnplus20%.Youwill receive less than the face amount of your 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 PS-9. The estimated value of yournotes 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 following Original issue date:expected to be November 26, 2025Original issue price: Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount* The original issue price will be% for certain investors; see “Supplemental Plan of Distribution; Conflicts of Interest”on page PS-19for additional information regarding the fees comprising the underwriting discount. 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 Deposit Goldman Sachs & Co. LLCPricing Supplement No.dated 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 in 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, this 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) 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