高盛美股招股说明书(2025-12-29版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricingsupplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offeror sale is not permitted.Subject to Completion. Dated December 23, 2025. GS Finance Corp.$Autocallable Goldman Sachs Momentum BuilderFocus ER Index-Linked Notesdue 2033guaranteed byThe Goldman Sachs Group, Inc.® Automatic Call:The notes will be automatically called on the call payment date if the closing level of the index isgreater thanorequal tothe initial index level on the call observation date.Interest:The notes do not bear interest. 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.You should 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-12.Key Terms Company (Issuer) / Guarantor: The overall goal of the index is to provide exposure to a daily rebalancing of the combination of underlyingassets with the strongest historical returns with realized volatility lower than the volatility limit while limitingthe index’s overall volatility level and reducing exposure to assets that have exhibited the weakest pricemomentum.The daily base index return is subject to a deduction equal to the return on the federal funds rate and, in addition, the entire index is subject to a deduction of 0.65% per annum (accruing daily).The net effect of the deduction for the federal funds rate on the base index and the 0.65% deduction on significant portion of the index has been, and may be in the future, allocated to the return-basedmoney market position and the non-interest bearing cash positions.For more information about the index, including its fees and deductions, see “Index Summary”. amount / Additional amount end$885 to $925 per $1,000 face amount, which is less than the original issue price. The additional amountis $and the additional amount end date is. See “The Estimated Value of Your Notes At theTime the Terms of Your Notes Are Set On the Trade Date Is Less Than the Original Issue Price Of YourNotes.” Original issue price100% of the face amount 1The original issue price will be% for certain investors; see "Supplemental Plan of Distribution; Conflicts of Interest" for additionalinformation regarding the fees comprising the underwriting discount.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 criminal offense. The notesare not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, norare 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 in noteswill 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 any otheraffiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a note after its initial sale.UnlessGS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is beingused in a market-making transaction. 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 forthall of the terms of your notes and therefore should be read in conjunction with such documents: •November 2025 MOBU Focus ER index supplement addendum dated November 21, 2025•MOBU Focus ER index supplement no. 5 dated November 21, 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. In addition,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 in orincorporated by reference in this pricing supplement and the accompanying documents listed above. We take noresponsibility f