高盛美股招股说明书(2026-03-05版)

GS Finance Corp. $ Autocallable Index-Linked Notes dueguaranteed by The Goldman Sachs Group, Inc. The notes do not bear interest.The notes will mature on the stated maturity date (expected to be March 20, 2029)unless they are automatically called on the call observation date (expected to be March 15, 2027). Your notes will beautomatically called on the call observation date if the closing level of each of the Nasdaq-100 Index®, the S&P 500®Index and the Russell 2000®Index on such date is greater than or equal to 90% of its initial level (set on the trade date(expected to be March 13, 2026) and will be an intra-day level or the closing level of such index on the trade date),resulting in a payment on the call payment date (expected to be March 22, 2027) for each $1,000 face amount of yournotes equal to $1,160. 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 lesser performing index (the index with the lowest index return). The index return for each index isthe percentage increase or decrease in its final level (the closing level of such index on the determination date,expected to be March 13, 2029) from its initial level. If the final level of each index isgreater thanits initial level, thereturn on your notes will be positive and will equal 1.5timesthe lesser performing index return. If the final level ofanyindex isequal toorless thanits initial level, but the final level of each index isgreater thanorequal to70% of its initiallevel, you will receive the face amount of your notes.If the final level ofany index islessthan70% of its initiallevel, the return on your notes will be negative and you could lose your entire investment in the notes. At maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to: •if the final level of each index isgreater thanits initial level, thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) 1.5times(c) the lesser performing index return;•if the final level of each index isgreater thanorequal to70% of its initial level but the final level ofany index isequal toorless thanits initial level, $1,000; or•if the final level ofany index isless than70% of its initial level, thesumof (i) $1,000plus(ii) theproductof (a)$1,000times(b) the lesser performing index return.You will receive less than 70% of the face amount of yournotes. If the index return forany index isless than-30%, the percentage of the face amount of your notes you willreceive will be based on the performance of the index with the lowest index return. In such event, you willreceiveless than70% of the face amount of your notes. 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-11. The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to bebetween $925 and $955 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 followingpage. Original issue date:expected to be March 18, 2026Original issue price:100% of the face amountUnderwriting discount:% of the face amountNet proceeds to the issuer:% of the face amount 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 DepositInsurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, abank. Goldman Sachs & Co. LLCPricing Supplement No.dated, 2026. 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 innotes will depend in part on the issue price you pay for such notes. 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, thisprospectus is being used in a market-making transaction. 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 e