高盛美股招股说明书(2026-03-27版)

Subject to Completion. Dated March 26, 2026.GS Finance Corp. $ Autocallable ETF-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 April 15, 2031)unless they are automatically called on any call observation date commencing on April 8, 2027. Your notes will be automatically called on a call observation date if the closing level of each of the VanEck Semiconductor ETF and theVanEck Gold Miners ETF (each, an ETF) on such date is greater than or equal to its initial level (set on the trade dateand will be an intra-day level or the closing level of such ETF on the trade date, expected to be April 8, 2026), resultingin a payment on the corresponding call payment date for each $1,000 face amount of your notes equal to such $1,000face amountplustheproductof $1,000timesthe applicable call premium amount. The call observation dates, the call The return on your notes is linked to the performances of each ETF, and in each case not to that of the indexon which such ETF is based. 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 ETF (the ETF with the lowest ETF return). The ETF return for each ETF is the 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 ETF isgreater thanorequal toits initial level, $2,285;•if the final level ofany ETF isless thanits initial level but the final level of each ETF isgreater thanorequalto 85%of its initial level, $1,000; or•if the final level ofany ETF isless than85% of its initial level, thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) thesumof the lesser performing ETF returnplus15%.You will receive less than the face amount of If the ETF return forany ETF is less than -15%, the percentage of the face amount of your notes you willreceive will be based on the performance of the ETF with the lowest ETF return. In such event, you will receiveless thanthe 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-14. The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to bebetween $885 and $925 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 following expected to be April 13, 2026Original issue price:100% of the face amount*% of the face amount*Net proceeds to the issuer:% of the face amount * The original issue price will be% for certain investors; see “Supplemental Plan of Distribution; Conflicts of Interest”on page PS-32for additional information regarding the fees comprising the underwriting discount. 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 Deposit Goldman Sachs & Co. LLC , 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 in 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 expected to be between $885 and $925 per $1,000 face amount, which is less than the original issue price. Thevalue of your notes at any time will reflect many factors and cannot be predicted; however, the price (not includingGS&Co.’s customary bid and ask spreads) at which GS&Co. would initially buy or sell notes (if it makes a market, Prior to, the price (not including GS&Co.’s customary bid and ask spreads) at which GS&Co. would buy or sellyour notes (if it makes a market, which it is not obligated to do) will equal approximately the sum of (a) the then-currentestimated value of