高盛美股招股说明书(2026-01-12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. GS Finance Corp. due 2033 guaranteed byThe 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 onthe performance of the index. 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. subject to the automatic call feature, on the stated maturity date, the company will pay, for each $1,000face amount of the notes, an amount in cash equal to:•if the final index level is greater than the initial index level: $1,000 + ($1,000 × the upside participation •if the final index level is equal to or less than the initial index level: $1,000® the Goldman Sachs Momentum BuilderFocus ER Index (current Bloomberg symbol: “GSMBFC5Index”) The index measures the performance of a “base index,” which is composed of up to nine underlyingindices that provide exposure to focused U.S. equities, other developed market equities, developedmarket fixed income assets, emerging market equities and commodities, as well as a money marketposition that accrues interest at a rate equal to the federal funds rate. The base index rebalances oneach index business day based on the historical returns of these underlying assets in order to create aportfolio generating the highest historical returns, subject to a set of predefined rules and constraints, The overall goal of the index is to provide exposure to a daily rebalancing of the combination ofunderlying assets with the strongest historical returns with realized volatility lower than the volatility limitwhile limiting the index’s overall volatility level and reducing exposure to assets that have exhibited the The daily base index return is subject to a deduction equal to the return on the federal funds rateand, in addition, the entire index is subject to a deduction of 0.65% per annum (accruing daily). the full index means that any aggregate exposure to the return-based money market position or the non-interest bearing cash positions will reduce the index performance on a pro rata basis by 0.65%.A verysignificant portion of the index has been, and may be in the future, allocated to the return-based For more information about the index, including its fees and deductions, see “Index Summary”.$850 to $890 per $1,000 face amount, which is less than the original issue price. The additional amount Our estimated value of thenotes on trade date / Additionalamount / Additional amount endis $and the additional amount end date isTime the Terms of Your Notes Are Set On the Trade Date Is Less Than the Original Issue Price Of Your 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 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.dated 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 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 prospectusis being used 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 •December 2025 MOBU Focus ER index supplement addendum dated December 23, 2025 •MOBU Focus ER index supplement no. 6 dated December 23, 2025 •Prospectus supplement dated February 14, 2025 •Prospectus dated February 14, 2025