高盛美股招股说明书(2026-03-02版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement isnot an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.Subject to Completion. Dated February 27, 2026. Investment Description The amount you will be paid on your securities is based on the performance of the S&P 500® issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. The securities will mature on the stated maturity date unless they are automatically called on the call observation date. Unless your securities are automatically called, if the closing level ofthe index on the determination date (the final index level) isgreater thanthe initial index level (set on the trade date), then the return onyour securities will be positive and equal theproduct ofthe upside gearingtimesthe index return (the percentage increase or decrease in the final index level from the initial index level). If the final index level isequal toorless thanthe initial index level butgreater thanor percentage loss on your investment equal to the index return and you could lose all of your investment. autocall barrier, resulting in a payment on the call payment date for each $10 face amount of your securitiesequal tothe face amountper securityplustheproduct of$10timesthe call return specified below. Investing in the securities involves significant risks. You may lose a significant portion or all of your investment and will notreceive any coupon during the term of the securities. The contingent repayment of principal applies only at maturity. Anypayment on the securities, including any repayment of principal, is subject to the creditworthiness of GS Finance Corp. and Contingent Repayment of Principal at Maturity with Potential for Full Downside MarketO Notice to investors: the securities are a riskier investment than ordinary debt securities. GS Finance Corp. is not necessarilyobligated to repay the face amount of the securities at maturity, and the securities may have the same downside market riskas the index. This market risk is in addition to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. You Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of thesesecurities or passed upon the accuracy or adequacy of this pricing supplement. Any representation to the contrary is acriminal offense. The securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or Goldman Sachs & Co. LLC UBS Financial Services Inc.Selling Agent, 2026. Pricing Supplement No. The issue price, underwriting discount and net proceeds listed above relate to the securities we sell initially. We may decide to sell additional securities after the date of this pricing supplement , at issue prices and with underwriting discountsand net proceeds that differ from the amounts set forth above. The return (whether positive or negative) on yourinvestment in securities will depend in part on the issue price you pay for such securities. any other affiliate of GS Finance Corp. may use this prospectus in a market-making transaction in a security after its initialsale. Unless GS Finance Corp. or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus isbeing used in a market-making transaction. Estimated Value of Your Securities The estimated value of your securities at the time the terms of your securities 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) isexpected to be between $9.40 and $9.70 per $10 face amount), which is less than the original issue price. The value ofyour securities at any time will reflect many factors and cannot be predicted; however, the price (not including GS&Co.’s Prior to, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sellyour securities (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-current estimated value of your securities (as determined by reference to GS&Co.’s pricing models) plus (b) any remainingadditional amount (the additional amount will decline to zero on a straight-line basis over a 91 day period from the time of About Your Securities The securities are part of the Medium-Term Securities, Series F program of GS Finance Corp., and are fully andunconditionally guaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and theaccompanying documents listed below. This pricing supplement constitutes a supplement to the documents listed below, General terms supplement no. 17,745 dated January 20, 2026Underlier supplement no. 47 dated December 23, 2025Prospectus supplement dated February 14, 2025Prospectus dated Februa