高盛美股招股说明书(2026-04-16版)

GS Finance Corp. $ Autocallable Goldman Sachs Momentum BuilderFocus ER Index-Linked Notes dueguaranteed byThe Goldman Sachs Group, Inc.® The notes do not bear interest. Unless your notes are automatically called on any annual call observation date beginningin April 2027, the amount that you will be paid on your notes on the stated maturity date (expected to be May 5, 2031) willbe based on the performance of the Goldman Sachs Momentum Builder®Focus ER Index (the “index”) as measured fromthe trade date (expected to be April 27, 2026) to and including the determination date (expected to be April 28, 2031).If the final index level (the closing level of the index on the determination date) isgreater thanor equal to 102% of the initial index level (set on the trade date and will be an intra-day level or the closing level of the index on the trade date), the returnon your notes will be positive and you will receive the maximum settlement amount of $1,650 for each $1,000 face amountof your notes. If the final index level is less than 102% of the initial index level, you will receive 100% of the face amount ofyour notes.Your notes will be called if the closing level of the index on any call observation date isgreater thanorequal to102% of the initial index level, resulting in a payment on the corresponding call payment date (the fifth business day after the callobservation date) equal to the face amount of your notesplustheproductof $1,000timesthe applicable call return(specified on page PS-8).The index measures the performance of a “base index” and non-interest bearing cash positions subject to certain deductions, as described in further detail below. On each index business day, exposure to the base index will be reducedand exposure to the non-interest bearing cash positions increased if (i) the realized volatility of the base index exceeds avolatility control limit of 5% (we refer to the base index, after applying this volatility control limit, as the “volatility controlledindex”) or (ii) the volatility controlled index has exhibited negative price momentum.The base index is composed of underlying assets, which consist of (i) nine underlying indices, potentially providing exposure to the following asset classes: focused U.S. equities; other developed market equities; developed market fixedincome; emerging market equities; and commodities; and (ii) a money market position that accrues interest at a rate equalto the federal funds rate (the “return-based money market position”). The base index rebalances on each index businessday based on historical returns of the underlying assets, subject to a limitation on realized volatility (which is separate fromthe volatility control mechanism described in the paragraph above) and minimum and maximum weights for the underlyingassets and asset classes. As a result of the rebalancing, the base index may include as few as 2 underlying assets(including the return-based money market position) and may never include some of the underlying indices or asset classes.The daily base index return is subject to a deduction equal to the return on the federal funds rate and, in addition,the entire index is subject to a deduction of 0.65% per annum (accruing daily).The net effect of the deduction for the federal funds rate on the base index and the 0.65% deduction on the full index means that any aggregate exposure to the return-based money market position or the non-interest bearing cash positions willreduce the index performance on a pro rata basis by 0.65%.A very significant portion of the index has been, and maybe in the future, allocated to the return-based money market position and the non-interest bearing cash positions.The description above is only a summary. For a more detailed description of the index, including information aboutthe fees and deductions that are applied to the index, see “Index Summary” beginning on page PS-3.If your notes are not called, at maturity, for each $1,000 face amount of your notes, you will receive an amount in cash equal to:•if the final index level isgreater thanorequal to102% of the initial index level, the maximum settlement amount; or •if the final index level isless than102% of the initial index level, $1,000.You should read the disclosure herein to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. See page PS-16.The estimated value of your notes at the time the terms of your notes are set on the trade date is expected to be between $885 and $925 per $1,000 face amount. For a discussion of the estimated value and the price at which Goldman Sachs &Co. LLC would initially buy or sell your notes, if it makes a market in the notes, see the following page.Original issue date:expected to be May 4, 2026Original issue price:100% of the face amount Underwriting discount:% of the face amount*Net proceeds to the issuer:% of the face amount* See “Supplemental Pla