高盛美股招股说明书(2025-12-31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 jurisdictionwhere the offer or sale is not permitted. Buffered S&P 500Index-Linked Notes due The Goldman Sachs Group, Inc. The notes (CUSIP: 40058WRE8) do not bear interest.The amount that you will be paid on your notes on the statedmaturity date (expected to be February 3, 2031) is based on the performance of the S&P 500®Index as measured fromthe trade date (expected to be January 29, 2026) to and including the determination date (expected to be January 29, If the final index level on the determination date isgreater thanthe initial index level (set on the trade date andwill be an intra-day level or the closing level of the index on the trade date), the amount that you would havebeen paid on your notes at maturity had that amount been based solely on the positive performance of the If the final index level declines by up to 10% from the initial index level, you will receive the face amount of your notes.If the final index level declines by more than 10% from the initial index level, the return on your notes will be negative To determine your payment at maturity, we will calculate the index return, which is the percentage increase or decreasein the final index level from the initial index level. At maturity, for each $1,000 face amount of your notes, you willreceive an amount in cash equal to: ●if the index return ispositive(the final index level isgreater thanthe initial index level), thesumof (i) $1,000plus(ii)theproductof (a) $1,000times(b) the participation ratetimes(c) the index return; ●if the index return iszeroornegativebutnot below-10% (the final index level isequal tothe initial index level or isless thanthe initial index level, but not by more than 10%), $1,000; or ●if the index return isnegativeand isbelow-10% (the final index level isless thanthe initial index level by more than10%), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b)thesum ofthe index returnplus10%.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-10. 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 $925 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 February 3, 2026 Underwriting discount: Net proceeds to the issuer: *See “Supplemental Plan of Distribution; Conflicts of Interest” on page PS-21 for additional information regarding thefees 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. LLC Pricing Supplement No. 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)is expected to be between $885 and $925 per $1,000 face amount, which is less than the original issue price. Thevalue of your notes at any time will reflect many factors and cannot be predicted; however, the price (not including Prior to, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sellyour notes (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-currentestimated value of your notes (as determined by reference to GS&Co.’s pricing models) plus (b) any remainingadditional amount (the additional amount will decline to zero on a straight-line basis from the time of