花旗集团美股招股说明书(2026-02-18版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statementrelating to these notes has been filed with the Securities and Exchange Commission. This preliminary pricing supplementand the accompanying prospectus supplement and prospectus are not an offer to sell these notes, nor are they soliciting February, 2026Medium-Term Senior Notes, Series GPricing Supplement No. 2026-CMTNG1804 Citigroup Inc. Callable Fixed Rate Notes Due February 27, 2046▪The notes mature on the maturity date specified below. We have the right to call the notes for mandatory redemption credit risk of Citigroup Inc.It is important for you to consider the information contained in this pricing supplement together with the information ▪contained in the accompanying prospectus supplement and prospectus. The description of the notes belowsupplements, and to the extent inconsistent with replaces, the description of the general terms of the notes set forth inthe accompanying prospectus supplement and prospectus. (1) The issue price for eligible institutional investors and investors purchasing the notes in fee-based advisory accountswill vary based on then-current market conditions and the negotiated price determined at the time of each sale; provided,however, that the issue price for such investors will not be less than $965.00 per note and will not be more than $1,000 (2) CGMI will receive an underwriting fee of up to $35.00 per note, and from such underwriting fee will allow selecteddealers a selling concession of up to $35.00 per note depending on market conditions that are relevant to the value of thenotes at the time an order to purchase the notes is submitted to CGMI. Dealers who purchase the notes for sales toeligible institutional investors and/or to investors purchasing the notes in fee-based advisory accounts may forgo some orall selling concessions, and CGMI may forgo some or all of the underwriting fee for sales it makes to eligible institutionalinvestors and/or to investors purchasing the notes in fee-based advisory accounts. The per note underwriting fee in thetable above represents the maximum underwriting fee payable per note. The total underwriting fee and proceeds to issuer rate debt securities. See “Risk Factors” beginning on page PS-2.Neither the Securities and Exchange Commission nor any state securities commission has approved ordisapproved of the notes or determined that this pricing supplement and the accompanying prospectussupplement and prospectus are truthful or complete. Any representation to the contrary is a criminal offense.You should read this pricing supplement together with the accompanying prospectus supplement and The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporationor any other governmental agency, nor are they obligations of, or guaranteed by, a bank. Risk Factors The following is a non-exhaustive list of certain key risk factors for investors in the notes. You should read the risk factorsbelow together with the risk factors included in the accompanying prospectus supplement and in the documentsincorporated by reference in the accompanying prospectus, including Citigroup Inc.’s most recent Annual Report on Form The notes may be redeemed at our option, which limits your ability to accrue interest over the full term ofthe notes.We may redeem the notes, in whole but not in part, on any redemption date, upon not less than fivebusiness days’ notice. In the event that we redeem the notes, you will receive the principal amount of the notes Market interest rates at a particular time will affect our decision to redeem the notes.It is more likely that wewill call the notes for redemption prior to their maturity date at a time when the interest rate on the notes is greaterthan that which we would pay on a comparable debt security of ours with a maturity comparable to the remaining An investment in the notes may be more risky than an investment in notes with a shorter term.Bypurchasing notes with a relatively long term, you will bear greater exposure to fluctuations in interest rates than ifyou purchased a note with a shorter term. In particular, you may be negatively affected if interest rates begin torise, because the likelihood that we will redeem your notes will decrease and the interest rate on the notes may be The notes are subject to the credit risk of Citigroup Inc., and any actual or anticipated changes to itscredit ratings or credit spreads may adversely affect the value of the notes.You are subject to the credit riskof Citigroup Inc. If Citigroup Inc. defaults on its obligations under the notes, your investment would be at risk andyou could lose some or all of your investment. As a result, the value of the notes will be affected by changes in the The notes will not be listed on any securities exchange and you may not be able to sell them prior tomaturity.The notes will not be