高盛美股招股说明书(2025-12-09版)

Subject to Completion. Dated December 9, 2025.GS Finance Corp.$Autocallable Equity-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc. The notes do not bear interest.The notes will mature on the stated maturity date (expected to be December 30, 2032)unless they are automatically called on the call observation date (expected to be December 23, 2026). Your notes will beautomatically called on the call observation date if the closing price of each of the common stock of Oracle Corporation,the common stock of TransDigm Group Incorporated, the Class A common stock of Meta Platforms, Inc. (formerlyFacebook, Inc.) and the common stock of Amazon.com, Inc. on such date is greater than or equal to 80% of its initialprice (set on the trade date (expected to be December 23, 2025) and will be an intra-day price or the closing price of oneshare of such index stock on the trade date), resulting in a payment on the call payment date (expected to be December31, 2026) for each $1,000 face amount of your notes equal to $1,180. The amount that you will be paid on your notes at maturity,if they have not been automatically called, is based on theperformance of the lesser performing index stock (the index stock with the lowest index stock return). The index stockreturn for each index stock is the percentage increase or decrease in its final price (the closing price of such index stockon the determination date, expected to be December 23, 2032) from its initial price. If the final price of each index stockisgreater thanits initial price, the return on your notes will be positive and will equal 1.25 times the lesser performingindex stock return. If the final price ofany index stock isequal toorless thanits initial price, you will receive the faceamount of your notes. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: •if the final price of each index stock isgreater thanits initial price, thesumof (i) $1,000plus(ii) theproductof (a)$1,000times(b) 1.25times(c) the lesser performing index stock return; or•if the final price ofany index stock isequal toorless thanits initial price, $1,000. 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 $885 and $935 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 page. Original issue date:expected to be December 29,2025Original issue price:100% of the face amount* * The original issue price will be% for certain investors; see “Supplemental Plan of Distribution” on page S-35 foradditional 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 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 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 $885 and $935 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 acc