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. The Goldman Sachs Group, Inc. Payment at Maturity: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 index. 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 $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 Your The 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 securitiesor 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, nor 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 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 forth •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 for, and can provide no assurance as to the reliability of, any other information that others may provide. Thispricing supplement and the accompanying documents listed above are an offer to sell only the notes offered hereby, but only 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 subsidiaries oraffiliates and references to “Goldman Sachs” mean The Goldman Sachs Group, Inc. together with its consolidatedsubsidiaries and affiliates, including us. The notes will be issued under the senior debt indenture, dated as of October 10, The notes will be issued in book-entry form and represented by master note no. 3, dated March 22, 2021. INDEX SUMMARY The Goldman Sachs Momentum BuilderFocus ER Index (the index) measures the weighted performance of a base index composed of the underlying indices and a money market position (the return-based money market position), calculated on anexcess return basis over the federal funds rate, together with non-interest bearing hypothetical cash p