高盛美股招股说明书(2026-01-21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 offer or saleis not permitted. img53898742_0.jpg GS Finance Corp. $ Underlier-Linked Notes dueguaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest.The amount that you will be paid on your notes on the stated maturity date (expectedto be January 28, 2031) is based on the lesser performing of the S&P 500®Index, the State Street®Select Sector SPDR®ETF and the State Street®Health Care Select Sector SPDR®ETF, as measured from the tradedate (expected to be January 23, 2026) to and including the determination date (expected to be January 23, 2031). The return on your notes is linked, in part, to the performance of each of the State Street® Select Sector SPDR®ETF and the State Street®each case not to that of the index on which such ETF is based. If the final level of each underlier on the determination date isgreater thanorequal toits initial level (set on the tradedate and will be an intra-day level or the closing level of such underlier on the trade date), the return on your notes willbe positive or zero and will equal the participation rate of 3.1925timesthe underlier return of the lesser performing underlier. If the final level ofany underlier is less than its initial level, but the final level of each underlier isgreater thanorequal to60% of its initial level, you will receive the face amount of your notes. If the final level ofany underlier islessthan60% of its initial level, the return on your notes will be negative. The amount that you will be paid on your notes at maturity is based on the performance of the underlier with the lowestunderlier return. The underlier return for each underlier is the percentage increase or decrease in the final level of suchunderlier from its initial level. On the stated maturity date, for each $1,000 face amount of your notes, you will receive ●if the underlier return of each underlier isgreater thanorequalto0% (the final level of each underlier isgreaterthanorequal toits initial level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the participationratetimes(c) the lesser performing underlier return; ●if the underlier return ofany underlier isless than0%, but the underlier return of each underlier isgreaterthanorequalto-40% (the final level ofany underlier isless thanits initial level but the final level of each underlier isgreaterthanorequal to60% of its initial level), $1,000; or●if the underlier return ofany underlier isless than-40% (the final level ofany underlier isless than60% of its initial 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-12. 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 January 28, 2026Original issue price:Underwriting discount:% of the face amount* *In addition to the%, the underwriting discount paid by us also includes a structuring fee of up toamount. See “Supplemental Plan of Distribution” on page PS-27. 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 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