高盛美股招股说明书(2026-03-23版)

GS Finance Corp. $Trigger Autocallable Contingent Yield Notesguaranteed by The Goldman Sachs Group, Inc.Linked to the least performing of the S&P 500Index, Russell 2000 Index and the Nasdaq-100 Index Investment Description The amount you will be paid on your notes is based on the performance of the least performing of the S&P 500®Index and the Nasdaq-100®Index. The notes are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman SachsGroup, Inc. Your notes will pay a contingent coupon on a coupon payment date only if the closing level of each index on the applicableobservation date (quarterly, including the determination date) is equal to or greater than its coupon barrier. Otherwise, no contingent coupon will be paid for the relevant coupon payment date. Commencing in July 2026, your notes will be automatically called if the closinglevel of each index on any observation date is equal to or greater than its initial index level on the trade date. If the notes are automaticallycalled, you will receive on the applicable coupon payment date following such observation date a payment per note equal to the faceamount plus the contingent coupon otherwise due, and no further payments will be owed to you under the notes. If the notes are notautomatically called and the closing level of each index on the determination date (the final index level) is equal to or greater than itsdownside threshold (which is the same as its coupon barrier), you will receive the face amount of your notes plus the final contingentcoupon. If, however, the notes are not automatically called and the final index level of any index is less than its downside threshold, you will receive less than the face amount of your notes and you will not receive a final contingent coupon, resulting in a percentage loss on yourinvestment equal to the percentage change in the lesser performing index from the trade date to the determination date (the index return) any contingent coupon during the term of the notes. You will be exposed to the market risk of each index on each observationdate, including the determination date, and any decline in the level of one index may negatively affect your return and will not beoffset or mitigated by a lesser decline or any potential increase in the level of any other index. Generally, a higher contingentcoupon on a note is associated with a greater risk of loss and a greater risk that you will not receive contingent coupons over the Features OPotential for Periodic Contingent Coupons –Your notes will pay a contingent coupon on a OContingent Repayment of Principal at Maturity with Potential for Full Downside MarketExposure– At maturity, if the notes have not been automatically called and the final index level of Notice to investors: the notes are a riskier investment than ordinary debt securities. GS Finance Corp. is not necessarily obligatedto repay the face amount of the notes at maturity, and the notes may have the same downside market risk as the indices. Thismarket risk is in addition to the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. You should not purchase thenotes if you do not understand or are not comfortable with the significant risks involved in investing in the notes. Original issue price100.00% of the face amount Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securitiesor passed upon the accuracy or adequacy of this pricing supplement . Any representation to the contrary is a criminal offense.The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental The issue price, underwriting discount and net proceeds listed above relate to the notes we sell initially. We may decide tosell 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 in notes 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 usedin a market-making transaction. Estimated Value of Your Notes The estimated value of your notes at the time the terms of your notes are set on the trade date (as determined by referenceto pricing models used by Goldman Sachs & Co. LLC (GS&Co.) and taking into account our credit spreads) is expected to bebetween $9.55 and $9.85 per $10 face amount), which is less than the original issue price. The value of your notes at anytime will reflect many factors and cannot be predicted; however, the price (not including GS&Co.’s customary bid and askspreads) at which G