花旗美股招股说明书(2026-06-01版)

June, 2026Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH32157Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-293732 and 333-293732-02 Citigroup Global Markets Holdings Callable Barrier Securities Linked to the S&P 500 Futures Excess Return Index Due June 30, 2031 ▪The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. Unlike conventional debtsecurities, the securities do not pay interest and do not repay a fixed amount of principal at maturity.▪The underlying tracks futures contracts on the S&P 500®Index and is expected to underperform the total return performance of the S&P 500®Index because of an implicit financing cost. See “Summary Risk Factors” for more information.We have the right to call the securities for mandatory redemption at a premium on any potential redemption date specified below. If we do not exercise our right to redeem the securities ▪prior to maturity, then the securities will no longer offer the opportunity to receive a premium but instead will offer the opportunity to participate in any appreciation of the underlying at theupside participation rate specified below. In this circumstance, if the underlying has appreciated, you will receive a positive return at maturity equal to that appreciation multiplied by theupside participation rate specified below. If the underlying has depreciated, but not below the final barrier value specified below, you will be repaid the stated principal amount of yoursecurities at maturity but will not receive any positive return on your investment. However, if we do not redeem the securities prior to maturity and the final underlying value is less than thefinal barrier value, you will receive less than the stated principal amount of your securities at maturity, reflecting a loss of 1% of the stated principal amount for every 1% by which the finalunderlying value is less than the initial underlying value. You may lose your entire investment in the securities.▪ In order to obtain the modified exposure to the underlying that the securities provide, investors must be willing to forgo interest on the securities and dividends with respect to the underlyingand accept (i) exposure to an index that is expected to underperform the total return of the S&P 500®Index, (ii) an investment that may have limited or no liquidity and (iii) the risk of notreceiving any amount due under the securities if we and Citigroup Inc. default on our obligations.All payments on the securities are subject to the credit risk of Citigroup GlobalMarkets Holdings Inc. and Citigroup Inc. June 30, 2027, June 29, 2028, June 28, 2029 and June 28, 2030 Premium:The premium applicable to each potential redemption date is set forth below.The premium may be significantly less than any appreciation ofthe underlying from the pricing date to the applicable potential redemption date. •June 30, 2027:16.00% of the stated principal amount•June 29, 2028:32.00% of the stated principal amount•June 28, 2029:48.00% of the stated principal amount•June 28, 2030:64.00% of the stated principal amount If the securities are not redeemed prior to maturity, you will receive at maturity for each security you then hold:■ If the final underlying value isgreater thanthe initial underlying value:$1,000 + the return amount■If the final underlying value isless than or equal tothe initial underlying value butgreater than or equal tothe final barrier value:$1,000■If the final underlying value isless thanthe final barrier value:$1,000 + ($1,000 × the underlying return) If the securities are not redeemed prior to maturity and the final underlying value is less than the final barrier value, you will receivesignificantly less than the stated principal amount of your securities, and possibly nothing, at maturity. Citigroup Global Markets Inc. (“CGMI”), an affiliate of the issuer, acting as principal (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing date will be at least $884.00 per security, which will be less than the issue price. Theestimated value of the securities is based on CGMI’s proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or other of our affiliates, nor is it an indication ofthe price, if any, at which CGMI or any other person may be willing to buy the securities from you at any time after issuance. See “Valuation of the Securities” in this pricing supplement. profit from expected hedging activity related to this offering, even if the value of the securities declines. See “Use of Proceeds and Hedging” in the accompanying prospectus.(3) The per security proceeds to issuer indicated above represent the minimum per security proceeds to issuer for any security, assuming the maximum per security underwriting fee. As noted above, the In addition,