高盛美股招股说明书(2025-12-05版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminarypricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction wherethe offer or sale is not permitted. •If the final underlier level on the determination date is greater than the initial underlier level, the return on your notes will be positiveand will equal the upside participation ratetimesthe underlierreturn.•If the final underlier level isequal toorless thanthe initial underlier level, but not by more than the buffer amount, you will receive theface amount of your notes. The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date.Youshould read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GSFinance Corp. and The Goldman Sachs Group, Inc. See page PS-6. Key Terms Company (Issuer) / Guarantor:GS Finance Corp. / The Goldman Sachs Group, Inc.Aggregate face amount:$ Cash settlement amount:On the stated maturity date, the company will pay, for each $1,000 face amount of the notes, anamount in cash equal to:•if the final underlier level is greater than the initial underlier level: $1,000 + ($1,000 × the upside •if the final underlier level is equal to or less than the initial underlier level, but greater than or equalto the buffer level: $1,000; or•if the final underlier level is less than the buffer level: $1,000 + ($1,000 × the buffer rate × (the underlier return + the buffer amount))Underlier:the S&P 500Futures Excess Return Index (current Bloomberg symbol: “SPXFP Index”)® CUSIP / ISIN:* subject to adjustment as described in the accompanying general terms supplement See “Supplemental Plan of Distribution; Conflicts of Interest” for additional information regarding the fees comprising the underwritingdiscount.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 contrary is a criminaloffense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency, nor are they obligations of, or guaranteed by, a bank. Goldman Sachs & Co. LLCPricing Supplement No. 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 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 About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionallyguaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanyingdocuments listed below. This pricing supplement constitutes a supplement to the documents listed below, does not set •General terms supplement no. 17,744 dated October 20, 2025 •November 2025 S&P 500 Futures Excess Return Index supplement dated November 24, 2025® •Underlier supplement no. 46 dated September 22, 2025 •Prospectus supplement dated February 14, 2025 •Prospectus dated February 14, 2025 The information in this pricing supplement supersedes any conflicting information in the documents listed above. Inaddition, some of the terms or features described in the listed documents may not apply to your notes. We have not authorized anyone to provide any information or to make any representations other than those contained inor incorporated by reference in this pricing supplement and the accompanying documents listed above. We take noresponsibility for, and can provide no assurance as to the reliability of, any other information that others may provide. This We refer to the notes we are offering by this pricing supplement as the “offered notes” or the “notes”. Each of the offerednotes has the terms described below. Please note that in this pricing supplement, references to “GS Finance Corp.”, “we”,“our” and “us” mean only GS Finance Corp. and do not include its subsidiaries or affiliates, references to “The GoldmanSachs Group, Inc.”, our parent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiariesor affiliates and references to “Goldman Sachs” mean The Goldman Sachs Group, Inc. together with its consolidatedsubsidiaries and affiliates, including us. The note