高盛美股招股说明书(2026-05-29版)

Subject to Completion. Dated May 27, 2026.GS Finance Corp.$Autocallable Contingent Coupon Underlier-Linked Notes due 2032guaranteed byThe Goldman Sachs Group, Inc. Payment at Maturity:The amount that you will be paid on your notes at maturity, if they have not been automatically called, in additionto the final coupon, if any, is based on the performance of the underlier with the lowest underlier return.You could lose your entireinvestment in the notes.Coupon Payments:The notes will pay a contingent monthly coupon on a coupon payment date if the closing level of each underlier is Automatic Call:The notes will be automatically called on a call payment date if the closing level of each underlier isgreater thanorequal toits initial underlier level on the related call observation date.The return on your notes is linked, in part, to the performance of the VanEck Semiconductor ETF, and not to that of the underlying index on which the VanEck Semiconductor ETF is based.The terms included in the “Key Terms” table below are expected to be as indicated, but such terms will be set on the trade date.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GSFinance Corp. and The Goldman Sachs Group, Inc. See page PS-9.Key Terms Company (Issuer) / Guarantor:GS Finance Corp. / The Goldman Sachs Group, Inc. Aggregate face amount:$Cash settlement amount:subject to the automatic call feature, on the stated maturity date, in addition to any coupon then due,the company will pay, for each $1,000 face amount of the notes, an amount in cash equal to:•if the final underlier level of each underlier is greater than or equal to its trigger buffer level: $1,000;or•if the final underlier level of any underlier is less than its trigger buffer level:$1,000 + ($1,000 × the lesser performing underlier return)Underliers:the Nasdaq-100 Technology Sector Index (current Bloomberg symbol: “NDXT Index”), the Russell2000Index (current Bloomberg symbol: “RTY Index”) and the VanEck Semiconductor ETF (currentBloomberg symbol: “SMH UQ Equity”)Underlying index:with respect to the VanEck Semiconductor ETF, the index tracked by such underlierCoupon trigger level:for each underlier, 75% of its initial underlier levelTrigger buffer level:for each underlier, 60% of its initial underlier levelInitial underlier level:with respect to an underlier, an intra-day level or the closing level of such underlier on the trade dateFinal underlier level:with respect to an underlier, the closing level of such underlier on the determination date*Underlier return:with respect to an underlier: (its final underlier level - its initial underlier level) ÷ its initial underlier levelLesser performing underlierreturn:the underlier return of the lesser performing underlier (the underlier with the lowest underlier return)Calculation agent:Goldman Sachs & Co. LLC (“GS&Co.”)CUSIP / ISIN:40054RPC9 / US40054RPC96* subject to adjustment as described in the accompanying general terms supplement® Our estimated value of thenotes on trade date / Additionalamount / Additional amountend date:$885 to $925 per $1,000 face amount, which is less than the original issue price. The additionalamount is $and the additional amount end date is. See “The Estimated Value of YourNotes At the Time the Terms of Your Notes Are Set On the Trade Date Is Less Than the Original IssuePrice Of Your Notes.” 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 prospectus. Any representation to the contrary is a criminaloffense. The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any othergovernmental agency, nor are they obligations of, or guaranteed by, a bank.Goldman Sachs & Co. LLC Pricing Supplement No.dated, 2026. 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 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. About Your Prospectus The notes are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionallyguaranteed by The Goldman Sachs Group, Inc. This prospectus includes this pricing supplement and the a