花旗集团美股招股说明书(2026-02-19版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statementrelating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricingsupplement and the accompanying product supplement, underlying supplement, prospectus supplement and prospectusare not an offer to sell these securities, nor are they soliciting an offer to buy these securities, in any state where the offeror sale is not permitted.SUBJECT TO COMPLETION, DATED FEBRUARY 18, 2026Citigroup Global Markets HoldingsMarch, 2026 Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH30529Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-270327 and 333-270327-01Autocallable Contingent Coupon Equity Linked Securities Linked to the Worst Performing of the Dow Inc. Jones Industrial AverageTM, the Russell 2000®Index and the S&P 500®Index Due September 9,2027▪The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. The securities offer the potential for periodic contingent couponpayments at an annualized rate that, if all are paid, would produce a yield that is generally higher than the yield on ourconventional debt securities of the same maturity. In exchange for this higher potential yield, you must be willing toaccept the risks that (i) your actual yield may be lower than the yield on our conventional debt securities of the samematurity because you may not receive one or more, or any, contingent coupon payments, (ii) the value of what youreceive at maturity may be less than the stated principal amount of your securities, and may be zero, and (iii) thesecurities may be automatically called for redemption prior to maturity beginning on the first potential autocall datespecified below. Each of these risks will depend on the number of coupon barrier events that occur during the term ofthe securities, if a knock-in event occurs and on the performance of the worst performing underlying on the finalvaluation date, as specified below.▪You will be subject to risks associated with each of the underlyings and will be negatively affected by adverse movements inany one of the underlyings. Although you will have downside exposure to the worst performingunderlying on the final valuation date, you will not receive dividends with respect to any underlying or participate inany appreciation of any underlying.▪Investors in the securities must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the risk of not receiving any payments due under the securities if we and Citigroup Inc. default on our obligations.Allpayments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.KEY TERMS Final valuation date:September 3, 2027, subject to postponement if such date is not a scheduled trading day for anyunderlying or if certain market disruption events occur with respect to any underlyingMaturity date:Unless earlier redeemed, September 9, 2027Contingent couponFor each observation period, the third business day after the observation period end-date for such observation period, except that the contingent coupon payment date following the finalobservation period will be the maturity dateOn each contingent coupon payment date, unless previously redeemed, the securities will pay a contingent coupon equal to 2.6875% of the stated principal amount of the securities (equivalent toa contingent coupon rate of 10.75% per annum)if and only ifa coupon barrier event has notoccurred during the related observation period.If a coupon barrier event occurs during anobservation period, you will not receive any contingent coupon payment on the related Contingent coupon:contingent coupon payment date. A coupon barrier event will occur if the closing value ofany underlying is less than its coupon barrier value on any trading day for that underlyingduring an observation period.Payment at maturity:If the securities are not automatically redeemed prior to maturity, you will receive at maturity for each security you then hold (in addition to the final contingent coupon payment, if applicable):If the final underlying value of the worst performing underlying on the final valuation date isgreater than or equal toits initial underlying value: $1,000If the final underlying value of the worst performing underlying on the final valuation date isless thanits initial underlying value and a knock-in eventhas notoccurred: $1,000 If the final underlying value of the worst performing underlying on the final valuation date isless thanits initial underlying value and a knock-in eventhasoccurred:$1,000 + ($1,000 × the underlying return of the worst performing underlying on the finalvaluation date)If the securities are not automatically redeemed prior to maturity, and the final underlying value of