[FWP] Citigroup Inc. Free Writing Prospectus
Citigroup Global Markets Holdings Inc., guaranteed by Citigroup Inc., is marketing a 2-Year Autocallable Dual Directional Buffer Security linked to the worst performer between the Nasdaq-100 Index (NDX) and the S&P 500 Index (SPX). The $1,000-denominated notes may be automatically called on 3 Aug 2026 (one year after pricing) if the worst performer is at or above its initial level, returning principal plus an 8.75% premium.
If not called, the note settles at maturity (5 Aug 2027) based on the final underlying value of the worst performer:
- Upside Participation: 150% of any positive return via a 150% upside participation rate.
- Dual-Directional Buffer: 150% absolute return credit for declines up to the 15% buffer.
- Loss of Principal: If the worst performer has fallen more than 15%, investors lose 1% of principal for every 1% beyond the buffer.
No interest payments are made during the life of the security. All payments are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. The notes will not be exchange-listed; secondary liquidity is therefore limited. The preliminary estimated issue price will be below face value, reflecting embedded fees and hedging costs.
Citigroup Global Markets Holdings Inc., garantito da Citigroup Inc., sta proponendo un titolo autocallable biennale a doppia direzione con buffer collegato al peggior rendimento tra l'Indice Nasdaq-100 (NDX) e l'Indice S&P 500 (SPX). Le obbligazioni denominate in $1.000 possono essere richiamate automaticamente il 3 agosto 2026 (un anno dopo il prezzo di emissione) se il peggior rendimento si trova al pari o sopra il livello iniziale, restituendo il capitale più un premio dell'8,75%.
Se non richiamate, le obbligazioni si liquidano a scadenza (5 agosto 2027) in base al valore finale dell'attività sottostante del peggior rendimento:
- Partecipazione al rialzo: il 150% di qualsiasi rendimento positivo grazie a un tasso di partecipazione al rialzo del 150%.
- Buffer bidirezionale: accredito del 150% del rendimento assoluto per ribassi fino al 15% di buffer.
- Perdita del capitale: se il peggior rendimento è sceso oltre il 15%, gli investitori perdono l'1% del capitale per ogni 1% oltre il buffer.
Non sono previsti pagamenti di interessi durante la vita del titolo. Tutti i pagamenti sono soggetti al rischio di credito di Citigroup Global Markets Holdings Inc. e Citigroup Inc. Le obbligazioni non saranno quotate in borsa; la liquidità secondaria è quindi limitata. Il prezzo preliminare stimato di emissione sarà inferiore al valore nominale, riflettendo commissioni incorporate e costi di copertura.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., está comercializando un valor autocancelable a 2 años con buffer direccional dual vinculado al peor desempeño entre el Índice Nasdaq-100 (NDX) y el Índice S&P 500 (SPX). Los bonos denominados en $1,000 pueden ser llamados automáticamente el 3 de agosto de 2026 (un año después de la fijación del precio) si el peor desempeño está en o por encima de su nivel inicial, devolviendo el principal más una prima del 8.75%.
Si no se llaman, el bono se liquida al vencimiento (5 de agosto de 2027) basado en el valor final subyacente del peor desempeño:
- Participación al alza: 150% de cualquier retorno positivo mediante una tasa de participación al alza del 150%.
- Buffer direccional dual: crédito del 150% del retorno absoluto para caídas hasta el 15% del buffer.
- Pérdida de principal: si el peor desempeño ha caído más del 15%, los inversionistas pierden el 1% del principal por cada 1% más allá del buffer.
No se realizan pagos de intereses durante la vida del valor. Todos los pagos están sujetos al riesgo crediticio de Citigroup Global Markets Holdings Inc. y Citigroup Inc. Los bonos no estarán listados en bolsa; por lo tanto, la liquidez secundaria es limitada. El precio preliminar estimado de emisión será inferior al valor nominal, reflejando tarifas incorporadas y costos de cobertura.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.가 보증하는 2년 만기 자동상환형 이중 방향 버퍼 증권을 마케팅하고 있으며, 이는 나스닥-100 지수(NDX)와 S&P 500 지수(SPX) 중 최악의 성과에 연동됩니다. $1,000 단위의 이 노트는 최악의 성과 지수가 초기 수준 이상일 경우 2026년 8월 3일(가격 책정 후 1년)에 자동으로 상환되어 원금과 8.75% 프리미엄을 반환합니다.
자동 상환되지 않을 경우, 노트는 만기일(2027년 8월 5일)에 최악의 성과 지수의 최종 기초 가치를 기준으로 정산됩니다:
- 상승 참여: 긍정적 수익에 대해 150%의 상승 참여율을 적용합니다.
- 이중 방향 버퍼: 15% 버퍼 내 하락에 대해 150% 절대 수익 크레딧을 제공합니다.
- 원금 손실: 최악의 성과 지수가 15% 이상 하락한 경우, 버퍼를 초과하는 1% 하락마다 원금의 1%를 손실합니다.
만기 기간 동안 이자 지급은 없습니다. 모든 지급은 Citigroup Global Markets Holdings Inc. 및 Citigroup Inc.의 신용 위험에 따릅니다. 이 노트는 거래소 상장이 되지 않으며, 2차 유동성은 제한적입니다. 예상 발행 가격은 내재 수수료와 헤지 비용을 반영하여 액면가보다 낮게 책정될 예정입니다.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., commercialise un titre autocallable à 2 ans avec buffer bidirectionnel lié à la pire performance entre l'indice Nasdaq-100 (NDX) et l'indice S&P 500 (SPX). Les billets libellés en 1 000 $ peuvent être automatiquement rappelés le 3 août 2026 (un an après la tarification) si la pire performance est au-dessus ou égale à son niveau initial, remboursant le principal plus une prime de 8,75 %.
Si le titre n’est pas rappelé, il sera réglé à l’échéance (5 août 2027) en fonction de la valeur finale sous-jacente de la pire performance :
- Participation à la hausse : 150 % de tout rendement positif via un taux de participation à la hausse de 150 %.
- Buffer bidirectionnel : crédit de rendement absolu de 150 % pour les baisses jusqu’à la marge de 15 %.
- Perte en capital : si la pire performance a chuté de plus de 15 %, les investisseurs perdent 1 % du capital pour chaque 1 % au-delà de la marge.
Aucun paiement d’intérêts n’est effectué pendant la durée du titre. Tous les paiements sont soumis au risque de crédit de Citigroup Global Markets Holdings Inc. et Citigroup Inc. Les billets ne seront pas cotés en bourse ; la liquidité secondaire est donc limitée. Le prix d’émission estimé préliminaire sera inférieur à la valeur nominale, reflétant les frais incorporés et les coûts de couverture.
Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet ein 2-jähriges autocallbares Dual-Directional-Buffer-Zertifikat an, das mit dem schlechtesten Performer zwischen dem Nasdaq-100 Index (NDX) und dem S&P 500 Index (SPX) verknüpft ist. Die auf $1.000 lautenden Schuldverschreibungen können am 3. August 2026 (ein Jahr nach der Preisfestsetzung) automatisch zurückgerufen werden, wenn der schlechteste Performer auf oder über seinem Anfangsniveau liegt, wobei der Kapitalbetrag plus eine Prämie von 8,75% zurückgezahlt wird.
Falls nicht zurückgerufen, wird die Note bei Fälligkeit (5. August 2027) basierend auf dem finalen Basiswert des schlechtesten Performers abgerechnet:
- Aufwärtsbeteiligung: 150 % einer positiven Rendite durch eine Aufwärtsbeteiligungsrate von 150 %.
- Dual-Directional Buffer: 150 % absolutes Renditekredit für Rückgänge bis zum 15 % Puffer.
- Kapitalverlust: Wenn der schlechteste Performer mehr als 15 % gefallen ist, verlieren Anleger 1 % des Kapitals für jeden 1 % über den Puffer hinaus.
Während der Laufzeit werden keine Zinszahlungen geleistet. Alle Zahlungen unterliegen dem Kreditrisiko von Citigroup Global Markets Holdings Inc. und Citigroup Inc. Die Schuldverschreibungen werden nicht an der Börse gehandelt; die Sekundärliquidität ist daher begrenzt. Der vorläufig geschätzte Ausgabepreis wird unter dem Nennwert liegen, was eingebettete Gebühren und Absicherungskosten widerspiegelt.
- 8.75% automatic call premium provides a defined short-term return if triggered one year after pricing.
- 150% upside participation allows enhanced gains if the worst-performing index appreciates.
- 15% downside buffer plus 150% absolute return feature offers limited protection against moderate declines.
- Potential loss of principal beyond a 15% decline in the worst performer exposes investors to significant downside.
- No periodic interest payments; total return is contingent on index performance and call feature.
- Credit risk of Citigroup Global Markets Holdings Inc. and its guarantor applies to all payments.
- Liquidity risk because the securities will not be listed on any exchange.
Insights
TL;DR: Two-year callable note offers 8.75% coupon-equivalent if triggered, 150% upside/absolute return, but exposes investors to index and Citi credit risk.
Analysis: The instrument is a capital-at-risk, market-linked note used by Citi for relatively low-cost funding. The 8.75% early redemption premium and 150% participation look attractive but are offset by a 15% buffer; a >15% drop in NDX or SPX results in leveraged losses. Absence of periodic coupons and potential early call cap upside. Because the note is linked to the worst performer, correlation risk is high—one index underperforming drags the payoff. Credit exposure to Citi is uncompensated beyond the buffer benefits. For Citi shareholders, the deal is routine funding with marginal spread benefit; for investors, the risk/return profile suits tactical views on a sideways-to-moderately bullish equity market.
Citigroup Global Markets Holdings Inc., garantito da Citigroup Inc., sta proponendo un titolo autocallable biennale a doppia direzione con buffer collegato al peggior rendimento tra l'Indice Nasdaq-100 (NDX) e l'Indice S&P 500 (SPX). Le obbligazioni denominate in $1.000 possono essere richiamate automaticamente il 3 agosto 2026 (un anno dopo il prezzo di emissione) se il peggior rendimento si trova al pari o sopra il livello iniziale, restituendo il capitale più un premio dell'8,75%.
Se non richiamate, le obbligazioni si liquidano a scadenza (5 agosto 2027) in base al valore finale dell'attività sottostante del peggior rendimento:
- Partecipazione al rialzo: il 150% di qualsiasi rendimento positivo grazie a un tasso di partecipazione al rialzo del 150%.
- Buffer bidirezionale: accredito del 150% del rendimento assoluto per ribassi fino al 15% di buffer.
- Perdita del capitale: se il peggior rendimento è sceso oltre il 15%, gli investitori perdono l'1% del capitale per ogni 1% oltre il buffer.
Non sono previsti pagamenti di interessi durante la vita del titolo. Tutti i pagamenti sono soggetti al rischio di credito di Citigroup Global Markets Holdings Inc. e Citigroup Inc. Le obbligazioni non saranno quotate in borsa; la liquidità secondaria è quindi limitata. Il prezzo preliminare stimato di emissione sarà inferiore al valore nominale, riflettendo commissioni incorporate e costi di copertura.
Citigroup Global Markets Holdings Inc., garantizado por Citigroup Inc., está comercializando un valor autocancelable a 2 años con buffer direccional dual vinculado al peor desempeño entre el Índice Nasdaq-100 (NDX) y el Índice S&P 500 (SPX). Los bonos denominados en $1,000 pueden ser llamados automáticamente el 3 de agosto de 2026 (un año después de la fijación del precio) si el peor desempeño está en o por encima de su nivel inicial, devolviendo el principal más una prima del 8.75%.
Si no se llaman, el bono se liquida al vencimiento (5 de agosto de 2027) basado en el valor final subyacente del peor desempeño:
- Participación al alza: 150% de cualquier retorno positivo mediante una tasa de participación al alza del 150%.
- Buffer direccional dual: crédito del 150% del retorno absoluto para caídas hasta el 15% del buffer.
- Pérdida de principal: si el peor desempeño ha caído más del 15%, los inversionistas pierden el 1% del principal por cada 1% más allá del buffer.
No se realizan pagos de intereses durante la vida del valor. Todos los pagos están sujetos al riesgo crediticio de Citigroup Global Markets Holdings Inc. y Citigroup Inc. Los bonos no estarán listados en bolsa; por lo tanto, la liquidez secundaria es limitada. El precio preliminar estimado de emisión será inferior al valor nominal, reflejando tarifas incorporadas y costos de cobertura.
Citigroup Global Markets Holdings Inc.는 Citigroup Inc.가 보증하는 2년 만기 자동상환형 이중 방향 버퍼 증권을 마케팅하고 있으며, 이는 나스닥-100 지수(NDX)와 S&P 500 지수(SPX) 중 최악의 성과에 연동됩니다. $1,000 단위의 이 노트는 최악의 성과 지수가 초기 수준 이상일 경우 2026년 8월 3일(가격 책정 후 1년)에 자동으로 상환되어 원금과 8.75% 프리미엄을 반환합니다.
자동 상환되지 않을 경우, 노트는 만기일(2027년 8월 5일)에 최악의 성과 지수의 최종 기초 가치를 기준으로 정산됩니다:
- 상승 참여: 긍정적 수익에 대해 150%의 상승 참여율을 적용합니다.
- 이중 방향 버퍼: 15% 버퍼 내 하락에 대해 150% 절대 수익 크레딧을 제공합니다.
- 원금 손실: 최악의 성과 지수가 15% 이상 하락한 경우, 버퍼를 초과하는 1% 하락마다 원금의 1%를 손실합니다.
만기 기간 동안 이자 지급은 없습니다. 모든 지급은 Citigroup Global Markets Holdings Inc. 및 Citigroup Inc.의 신용 위험에 따릅니다. 이 노트는 거래소 상장이 되지 않으며, 2차 유동성은 제한적입니다. 예상 발행 가격은 내재 수수료와 헤지 비용을 반영하여 액면가보다 낮게 책정될 예정입니다.
Citigroup Global Markets Holdings Inc., garanti par Citigroup Inc., commercialise un titre autocallable à 2 ans avec buffer bidirectionnel lié à la pire performance entre l'indice Nasdaq-100 (NDX) et l'indice S&P 500 (SPX). Les billets libellés en 1 000 $ peuvent être automatiquement rappelés le 3 août 2026 (un an après la tarification) si la pire performance est au-dessus ou égale à son niveau initial, remboursant le principal plus une prime de 8,75 %.
Si le titre n’est pas rappelé, il sera réglé à l’échéance (5 août 2027) en fonction de la valeur finale sous-jacente de la pire performance :
- Participation à la hausse : 150 % de tout rendement positif via un taux de participation à la hausse de 150 %.
- Buffer bidirectionnel : crédit de rendement absolu de 150 % pour les baisses jusqu’à la marge de 15 %.
- Perte en capital : si la pire performance a chuté de plus de 15 %, les investisseurs perdent 1 % du capital pour chaque 1 % au-delà de la marge.
Aucun paiement d’intérêts n’est effectué pendant la durée du titre. Tous les paiements sont soumis au risque de crédit de Citigroup Global Markets Holdings Inc. et Citigroup Inc. Les billets ne seront pas cotés en bourse ; la liquidité secondaire est donc limitée. Le prix d’émission estimé préliminaire sera inférieur à la valeur nominale, reflétant les frais incorporés et les coûts de couverture.
Citigroup Global Markets Holdings Inc., garantiert durch Citigroup Inc., bietet ein 2-jähriges autocallbares Dual-Directional-Buffer-Zertifikat an, das mit dem schlechtesten Performer zwischen dem Nasdaq-100 Index (NDX) und dem S&P 500 Index (SPX) verknüpft ist. Die auf $1.000 lautenden Schuldverschreibungen können am 3. August 2026 (ein Jahr nach der Preisfestsetzung) automatisch zurückgerufen werden, wenn der schlechteste Performer auf oder über seinem Anfangsniveau liegt, wobei der Kapitalbetrag plus eine Prämie von 8,75% zurückgezahlt wird.
Falls nicht zurückgerufen, wird die Note bei Fälligkeit (5. August 2027) basierend auf dem finalen Basiswert des schlechtesten Performers abgerechnet:
- Aufwärtsbeteiligung: 150 % einer positiven Rendite durch eine Aufwärtsbeteiligungsrate von 150 %.
- Dual-Directional Buffer: 150 % absolutes Renditekredit für Rückgänge bis zum 15 % Puffer.
- Kapitalverlust: Wenn der schlechteste Performer mehr als 15 % gefallen ist, verlieren Anleger 1 % des Kapitals für jeden 1 % über den Puffer hinaus.
Während der Laufzeit werden keine Zinszahlungen geleistet. Alle Zahlungen unterliegen dem Kreditrisiko von Citigroup Global Markets Holdings Inc. und Citigroup Inc. Die Schuldverschreibungen werden nicht an der Börse gehandelt; die Sekundärliquidität ist daher begrenzt. Der vorläufig geschätzte Ausgabepreis wird unter dem Nennwert liegen, was eingebettete Gebühren und Absicherungskosten widerspiegelt.
Hypothetical Redemption Premium Valuation Date on which the Closing Value of the Worst Performer Exceeds its Initial Underlying Value $1,087.50 8.75% August 3, 2026 Preliminary Terms This summary of terms is not complete and should be read with the pricing supplement below Citigroup Global Markets Holdings Inc. Issuer: Citigroup Inc. Guarantor: Nasdaq - 100 Index ® (ticker: “NDX”) and S&P 500 ® Index (ticker: “SPX”) Underlyings : July 31, 2025 Pricing date: August 3, 2026 Interim valuation date: August 2, 2027 Final valuation date: August 5, 2027 Maturity date: If on the interim valuation date, the closing value of the worst performer is greater than or equal to its initial underlying value, the securities will be automatically called for an amount equal to the principal plus the applicable premium. Automatic early redemption: 8.75% of the stated principal amount Premium : $1,000 × the underlying return of the worst performer on the final valuation date × the upside participation rate Upside return amount: $1,000 × the absolute value of the underlying return of the worst performer on the final valuation date Absolute return amount: 150% Upside participation rate: For each underlying, 85% of its initial underlying value Final buffer value: 15% Buffer percentage: 17333LET8 / US17333LET89 CUSIP / ISIN: For each underlying, its closing value on the pricing date Initial underlying value: For each underlying, its closing value on the final valuation date Final underlying value: For each underlying on any valuation date, ( i ) its closing value on that valuation date minus its initial underlying value, divided by (ii) its initial underlying value Underlying return: For any valuation date, the underlying with the lowest underlying return determined as of that valuation date Worst performer: • If the final underlying value of the worst performer on the final valuation date is greater than or equal to its initial underlying value: $1,000 + the upside return amount • If the final underlying value of the worst performer on the final valuation date is less than its initial underlying value but greater than or equal to its final buffer value: $1,000 + the absolute return amount • If the final underlying value of the worst performer on the final valuation date is less than its final buffer value: $1,000 + [$1,000 × (the underlying return of the worst performer + the buffer percentage)] If the securities are not automatically redeemed prior to maturity and the final underlying value of the worst performer is less than its final buffer value, which means that the worst performer has depreciated from its initial underlying value by more than the buffer percentage, you will lose 1% of the stated principal amount of your securities at maturity for every 1% by which that depreciation exceeds the buffer percentage. All payments on the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. Payment at Maturity: $1,000 per security Stated principal amount: Preliminary Pricing Supplement dated June 30, 2025 Pricing Supplement: Citigroup Global Markets Holdings Inc. Guaranteed by Citigroup Inc. 2 Year Autocallable Dual Directional Buffer Securities Linked to the Worst of NDX and SPX Hypothetical Payment at Maturity* Hypothetical Payment at Maturity Hypothetical Security Return Hypothetical Underlying Return of the Worst Performing Underlying $2,500.00 150.00% 100.00% $1,750.00 75.00% 50.00% $1,375.00 37.50% 25.00% $1,150.00 15.00% 10.00% $1,000.00 0.00% 0.00% $1,050.00 5.00% - 5.00% $1,100.00 10.00% - 10.00% $1,150.00 15.00% - 15.00% $999.90 - 0.01% - 15.01% $650.00 - 35.00% - 50.00% $150.00 - 85.00% - 100.00% *The hypotheticals assume that the securities have not been automatically redeemed prior to maturity. If the closing value of the worst performer is greater than or equal to its initial underlying value on the interim valuation date, then the securities will be automatically redeemed prior to maturity and you will receive a premium following the interim valuation date. Hypothetical Payment per Security Upon Automatic Early Redemption
Selected Risk Considerations • You may lose a significant portion of your investment. Unlike conventional debt securities, the securities do not repay a fixed amount of principal at maturity. If the securities are not automatically redeemed prior to maturity, your payment at maturity will depend on the performance of the worst performer. If the worst performer depreciates by more than the buffer percentage from its initial underlying value to its final underlying value, you will lose 1% of the stated principal amount of your securities for every 1% by which that depreciation exceeds the buffer percentage. • Your potential for positive return from depreciation of the worst performer is limited. • The securities do not pay interest. • The securities may be automatically redeemed prior to maturity, limiting the term of the securities. • The securities are subject to heightened risk because they are linked to the performance of multiple underlyings . • The securities are subject to the risks of each of the underlyings and will be negatively affected if any one underlying performs poorly. • You will not benefit in any way from the performance of any better performing underlying. • You will be subject to risks relating to the relationship between the underlyings . • You will not receive dividends or have any other rights with respect to the underlyings . • The performance of the securities will depend on the closing values of the underlyings solely on the valuation dates, which makes the securities particularly sensitive to volatility in the closing values of the underlyings on or near the valuation dates. • The securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc. If Citigroup Global Markets Holdings Inc. defaults on its obligations under the securities and Citigroup Inc. defaults on its guarantee obligations, you may not receive anything owed to you under the securities. • The securities will not be listed on any securities exchange and you may not be able to sell them prior to maturity. • The estimated value of the securities on the pricing date will be less than the issue price. For more information about the estimated value of the securities, see the accompanying preliminary pricing supplement. • The value of the securities prior to maturity will fluctuate based on many unpredictable factors. • The issuer and its affiliates may have conflicts of interest with you. • The U.S. federal tax consequences of an investment in the securities are unclear. The above summary of selected risks does not describe all of the risks associated with an investment in the securities. You should read the accompanying preliminary pricing supplement and product supplement for a more complete description of risks relating to the securities. Additional Information Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed registration statements (including the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the accompanying preliminary pricing supplement, product supplement, underlying supplement, prospectus supplement and prospectus in those registration statements (File Nos. 333 - 270327 and 333 - 270327 - 01) and the other documents Citigroup Global Markets Holdings Inc. and Citigroup Inc. have filed with the SEC for more complete information about Citigroup Global Markets Holdings Inc., Citigroup Inc. and this offering. You may obtain these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request these documents by calling toll - free 1 - 800 - 831 - 9146. Filed pursuant to Rule 433 This offering summary does not contain all of the material information an investor should consider before investing in the securities. This offering summary is not for distribution in isolation and must be read together with the accompanying preliminary pricing supplement and the other documents referred to therein, which can be accessed via the link on the first page. Citigroup Global Markets Holdings Inc. Guaranteed by Citigroup Inc.
FAQ
What is the pricing date and maturity date for Citigroup's Autocallable Buffer Securities?
How does the 8.75% automatic early redemption premium work for C's structured note?
What downside protection does the Citigroup dual directional buffer note provide?
Can investors receive dividends from the NDX or SPX underlyings while holding the note?
Is the Citigroup structured note listed on an exchange?
