高盛美股招股说明书(2026-01-28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 sale 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. Automatic Call:The notes will be automatically called on a semi-annual call payment date if the closing level of the index isgreater thanorequaltothe initial index level on the related 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 readthe disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and TheGoldman Sachs Group, Inc. See page PS-12. Key Terms 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 to selladditional notes after the date of this pricing supplement, at issue prices and with underwriting discounts and net proceeds thatdiffer from the amounts set forth above. The return (whether positive or negative) on your investment in notes will depend in part on 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.Unless GSFinance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is being used in amarket-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 unconditionally guaranteedby The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the accompanying documents listedbelow. This pricing supplement constitutes a supplement to the documents listed below, does not set forth all of the terms of your •January 2026 MOBU Focus ER index supplement addendum dated January 20, 2026 •MOBU Focus ER index supplement no. 7 dated January 20, 2026 •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, someof 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 no responsibility for,and can provide no assurance as to the reliability of, any other information that others may provide. This pricing supplement and We refer to the notes we are offering by this pricing supplement as the “offered notes” or the “notes”. Each of the offered notes hasthe 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 Goldman Sachs Group, Inc.”, ourparent company, mean only The Goldman Sachs Group, Inc. and do not include its subsidiaries or affiliates and references to“Goldman Sachs” mean The Goldman Sachs Group, Inc. together with its consolidated subsidiaries and affiliates, including us. Thenotes will be issued under the senior debt indenture, dated as of October 10, 2008, as supplemented by the First Supplemental 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 positions that are notcomponents of the base index. The non-interest bearing hypothetical cash positions arise either from the application of a 5%volatility control to the base index (the deleverage cash position) or a momentum risk control adjustment mechanism (themomentum risk control cash position). In addition to the base index deduction described above, the entire index is subject to a The index rebalances on each index business day from among 10 eligible underlying assets (considering the return-based moneymarket position and non-interest bearing cash positions as a single eligible underlying asset) that have been categorized in thefollowing asset classes: focused U.S.