高盛美股招股说明书(2026-03-26版)

The information in this preliminary pricing supplement is not complete and may be changed. This preliminarypricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction wherethe offer or sale is not permitted. Subject to Completion. Dated March 25, 2026. The Goldman Sachs Group, Inc.Fixed Rate Notes due 2046 We will pay you interest on your notes at the interest rate from and including the original issue date to but excluding the stated maturitydate. Interest will be paid on each interest payment date.The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmentalagency, nor are they obligations of, or guaranteed by, a bank. The Goldman Sachs Group, Inc. intends to file its quarterly earnings release for the quarter ended March 31, 2026 on Form 8-K with theUnited States Securities and Exchange Commission on or about April 13, 2026, which is prior to both the trade date and the originalissue date for these notes. You should read the earnings release. Investors who have already agreed to purchase or subscribe for thenotes before the earnings release is filed may withdraw their purchase orders, indications of interest or subscriptions at any time prior to the trade date for these notes. In the event that there has been a significant adverse movement in the credit spread of the issuer withrespect to the notes subsequent to the date hereof and prior to the trade date as determined by the issuer in its sole discretion, the Pricing Supplement No. The original issue price set forth above does not include accrued interest, if any. Interest on the notes will accrue from theoriginal issue date and must be paid by the purchaser if the notes are delivered after the original issue date. In addition tooffers and sales at the original issue price, the underwriters may offer the notes from time to time for sale in one or more The return (whether positive or negative) on your investment in notes will depend in part on the issue price you pay forsuch notes. Goldman Sachs may use this prospectus in the initial sale of the notes. In addition, Goldman Sachs & Co. LLC or anyother affiliate of Goldman Sachs may use this prospectus in a market-making transaction in the notes after their initialsale.Unless Goldman Sachs or its agent informs the purchaser otherwise in the confirmation of sale, this prospectus is About Your Prospectus The notes are part of the Medium-Term Notes, Series N program of The Goldman Sachs Group, Inc. This prospectusincludes this pricing supplement and the accompanying documents listed below. This pricing supplement constitutes asupplement to the documents listed below, does not set forth all of the terms of your notes and should be read in •Prospectus supplement dated February 14, 2025 •Prospectus dated February 14, 2025 The information in this pricing supplement supersedes any conflicting information in the documents listed above. Inaddition, some of the terms or features described in the listed documents may not apply to your notes. We have not authorized anyone to provide any information or to make any representations other than those contained inor incorporated by reference in this pricing supplement and the accompanying documents listed above. We take noresponsibility for, and can provide no assurance as to the reliability of, any other information that others may provide. This We refer to the notes we are offering by this pricing supplement as the “offered notes” or the “notes”. Each of the offerednotes has the terms described below. Please note that in this pricing supplement, references to “The Goldman SachsGroup, Inc.”, “we”, “our” and “us” mean only The Goldman Sachs Group, Inc. and do not include any of its subsidiaries oraffiliates. The notes will be issued under the senior debt indenture, dated as of July 16, 2008, as amended, between usand The Bank of New York Mellon, as trustee. Also, in this pricing supplement, references to “holders” mean The This pricing supplement summarizes specific terms that will apply to your notes. The terms of the notes described heresupplement those described in the accompanying documents listed above and, if the terms described here areinconsistent with those described there, the terms described here are controlling. Terms used but not defined in thispricing supplement have the meanings given them in the accompanying prospectus or accompanying prospectus The notes will be issued in book-entry form and represented by master global note, dated July 1, 2020. ADDITIONAL INFORMATION ABOUT THE NOTES We will issue the notes as a master global note registered in the name of DTC, or its nominee. The sale of the notes willsettle in immediately available funds through DTC. You will not be permitted to withdraw the notes