高盛美股招股说明书(2026-06-08版)

Subject to Completion. Dated June 5, 2026. GS Finance Corp.$ Callable Contingent Coupon ETF-Linked Notes due guaranteed by The Goldman Sachs Group, Inc. The notes do not pay a fixed coupon and may pay no coupon on a payment date.The amount that you will be paidon your notes is based on the performances of the VanEck Semiconductor ETF and the State Street®ConsumerDiscretionary Select Sector SPDR®ETF (each, an ETF). The notes will mature on the stated maturity date (expected tobe June 15, 2029), unless we redeem them.The return on your notes is linked to the performance of each ETF, and in each case not to that of the index on which such ETF is based. We may redeem your notes at 100% of their face amount plus any coupon then due on any payment date(expected to be the 15th day of each month, commencing in July 2026 and ending on the stated maturity date)on or after the payment date in September 2026 up to the payment date in May 2029. If we do not redeem your notes, if the closing level of each ETF isgreater thanorequal to70% of its initial level (set onthe trade date (expected to be June 12, 2026) and will be an intra-day level or the closing level of such ETF on the tradedate) on an observation date (expected to be the third scheduled trading day for all ETFs prior to each payment date),you will receive on the applicable payment date a coupon of $16.667 (1.6667% monthly, or the potential for up toapproximately 20% per annum) for each $1,000 face amount of your notes.If the closing level of any ETF on anobservation date is less than 70% of its initial level, you will not receive a coupon on the applicable paymentdate. If we do not redeem your notes, the amount that you will be paid on your notes at maturity, in addition to the finalcoupon, if any, is based on the performance of the lesser performing ETF (the ETF with the lowest ETF return). The ETFreturn for each ETF is the percentage increase or decrease in the final level of such ETF on the determination date (thefinal observation date, expected to be June 12, 2029) from its initial level. At maturity, for each $1,000 face amount of your notes you will receive an amount in cash equal to: •if the ETF return of each ETF isgreater thanorequal to-30% (the final level of each ETF isgreater than or equal to70% of its initial level), $1,000 plus the final coupon;•if the ETF return of each ETF isgreater thanorequal to-40% (the final level of each ETF isgreater than or equal to60% of its initial level) but the ETF return ofany ETF is less than -30% (the final level ofany ETF is less than 70% ofits initial level), $1,000(you will not receive a coupon); or•if the ETF return ofany ETF isless than-40% (the final level ofany ETF isless than60% of its initial level), thesumof (i) $1,000plus(ii) theproductof (a) $1,000times(b) the lesser performing ETF return.You will receivelessthan60% of the face amount of your notes and you will not receive a final coupon. 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-13. The estimated value of yournotes at the time the terms of your notes are set on the trade date is expected to bebetween$925 and $955 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 followingpage.Original issue date:expected to be June 17, 2026Original issue price:100% of the face amount* Underwriting discount:% 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-33 for 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 DepositInsurance Corporation or any other governmental 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 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 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