[8-K] DTE Energy Company Reports Material Event

Q: When is the call observation date for the GS Autocallable EURO STOXX 50 Notes (GS)?

The single call observation date is 28 July 2027 .

Q: How much will investors receive if the notes are automatically called?

If called, holders receive $1,150 per $1,000 face amount (115%) on the 2 August 2027 call payment date.

Q: What happens at maturity if the EURO STOXX 50 Index is below the initial level?

Investors receive only the $1,000 principal ; there is no loss of principal but also no positive return.

Q: Why is the estimated value ($885–$915) lower than the $1,000 issue price?

The difference reflects underwriting fees, structuring costs and issuer funding spread embedded in Goldman’s pricing models.

Q: Do the notes pay any periodic interest or coupons?

No. The notes bear no interest ; all potential return is delivered via the call premium or upside participation at maturity.

Q: What are the key U.S. tax considerations for these notes?

They are treated as contingent payment debt instruments ; holders must accrue ordinary income annually based on a comparable yield, even though no cash is received until redemption.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Deal Overview GS Finance Corp. is issuing Autocallable EURO STOXX 50® Index-Linked Notes due 2030, fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are part of the Series F medium-term note programme, will price on 28 July 2025, settle on 31 July 2025 and trade under CUSIP 40058JMC6.

Key Economic Terms

Face amount: $1,000 per note.
Automatic call: single observation on 28 Jul 2027; if EURO STOXX 50 (SX5E) ≥ initial level, investors receive $1,150 (115% of face) on 2 Aug 2027 and the note terminates.
If not called, maturity on 1 Aug 2030. Cash settlement: • SX5E above initial – face plus 100% upside participation; • SX5E at or below initial – return of face only.
No periodic coupons; the notes do not bear interest.
Issuer’s estimated value on trade date: $885–$915 per $1,000, below the 100% issue price.
Issue price 100%; underwriting discount 2.2%; net proceeds 97.8%.
Issuer: GS Finance Corp.; Guarantor: The Goldman Sachs Group, Inc.; Calculation agent: Goldman Sachs & Co. LLC.

Investor Implications

Principal is scheduled to be repaid at maturity if the issuer and guarantor meet their obligations.
Investors can earn a fixed 15% premium after two years if the index is flat-to-up.
Unlimited upside from 2027-2030 if the note is not called.
No downside participation, but zero total return if SX5E is flat or down at maturity.
Secondary values are expected to start 8.5-11.5% below par and depend on Goldman’s market-making.
Taxed as a contingent payment debt instrument; holders accrue ordinary income annually based on a comparable yield.

Principal Risks Highlighted

Credit risk of GS Finance Corp. and the Goldman Sachs Group.
Early-call risk caps gains at 15% and may shorten the investment horizon.
No coupon income; opportunity cost versus interest-bearing debt.
Market value volatility driven by rates, index performance and credit spreads; liquidity not assured.
Complex tax treatment; potential FATCA/§871(m) withholding for non-U.S. holders.

Panoramica dell'Offerta GS Finance Corp. emette Note Autocallable collegate all'indice EURO STOXX 50® con scadenza 2030, garantite in modo pieno e incondizionato da The Goldman Sachs Group, Inc. Le note fanno parte del programma di note a medio termine Serie F, saranno quotate il 28 luglio 2025, regolate il 31 luglio 2025 e negoziate con CUSIP 40058JMC6.

Termini Economici Chiave

Importo nominale: $1.000 per nota.
Richiamo automatico: osservazione singola il 28 luglio 2027; se EURO STOXX 50 (SX5E) ≥ livello iniziale, gli investitori ricevono $1.150 (115% del nominale) il 2 agosto 2027 e la nota termina.
Se non richiamata, scadenza il 1 agosto 2030. Regolamento in contanti: • SX5E sopra il livello iniziale – nominale più partecipazione al rialzo del 100%; • SX5E pari o inferiore al livello iniziale – solo restituzione del nominale.
Assenza di cedole periodiche; le note non maturano interessi.
Valore stimato dall’emittente alla data di negoziazione: $885–$915 per $1.000, inferiore al prezzo di emissione del 100%.
Prezzo di emissione 100%; sconto di sottoscrizione 2,2%; proventi netti 97,8%.
Emittente: GS Finance Corp.; garante: The Goldman Sachs Group, Inc.; agente di calcolo: Goldman Sachs & Co. LLC.

Implicazioni per gli Investitori

Il capitale è previsto essere rimborsato a scadenza se emittente e garante adempiono ai loro obblighi.
Gli investitori possono ottenere un premio fisso del 15% dopo due anni se l'indice è stabile o in crescita.
Potenziale guadagno illimitato dal 2027 al 2030 se la nota non viene richiamata.
Nessuna partecipazione al ribasso, ma rendimento totale pari a zero se SX5E è stabile o in calo a scadenza.
I valori secondari sono attesi iniziare tra l'8,5% e l'11,5% sotto il valore nominale e dipendono dal market making di Goldman.
Fiscalmente trattate come strumenti di debito con pagamento condizionato; i detentori accumulano reddito ordinario annualmente basato su un rendimento comparabile.

Principali Rischi Evidenziati

Rischio di credito di GS Finance Corp. e The Goldman Sachs Group.
Rischio di richiamo anticipato che limita i guadagni al 15% e può ridurre l’orizzonte d’investimento.
Nessun reddito da cedole; costo opportunità rispetto a titoli a reddito fisso.
Volatilità del valore di mercato influenzata da tassi, performance dell’indice e spread di credito; liquidità non garantita.
Trattamento fiscale complesso; possibile ritenuta FATCA/§871(m) per investitori non statunitensi.

Resumen de la Operación GS Finance Corp. emite Notas Autollamables vinculadas al índice EURO STOXX 50® con vencimiento en 2030, garantizadas plena e incondicionalmente por The Goldman Sachs Group, Inc. Las notas forman parte del programa de notas a medio plazo Serie F, se valorarán el 28 julio 2025, se liquidarán el 31 julio 2025 y se negociarán bajo CUSIP 40058JMC6.

Términos Económicos Clave

Importe nominal: $1,000 por nota.
Llamada automática: observación única el 28 jul 2027; si EURO STOXX 50 (SX5E) ≥ nivel inicial, los inversores reciben $1,150 (115% del nominal) el 2 ago 2027 y la nota termina.
Si no es llamada, vencimiento el 1 ago 2030. Liquidación en efectivo: • SX5E por encima del inicial – nominal más participación al alza del 100%; • SX5E igual o por debajo del inicial – solo devolución del nominal.
No hay cupones periódicos; las notas no generan intereses.
Valor estimado por el emisor en la fecha de operación: $885–$915 por $1,000, por debajo del precio de emisión del 100%.
Precio de emisión 100%; descuento de suscripción 2.2%; ingresos netos 97.8%.
Emisor: GS Finance Corp.; garante: The Goldman Sachs Group, Inc.; agente de cálculo: Goldman Sachs & Co. LLC.

Implicaciones para los Inversores

El principal está programado para ser reembolsado al vencimiento si el emisor y garante cumplen sus obligaciones.
Los inversores pueden obtener una prima fija del 15% después de dos años si el índice se mantiene o sube.
Potencial de ganancia ilimitada de 2027 a 2030 si la nota no es llamada.
No hay participación en pérdidas, pero rendimiento total cero si SX5E se mantiene o baja al vencimiento.
Se espera que los valores secundarios comiencen entre un 8.5% y 11.5% por debajo del valor nominal y dependen de la creación de mercado de Goldman.
Tributación como instrumento de deuda con pago contingente; los tenedores acumulan renta ordinaria anualmente basada en un rendimiento comparable.

Principales Riesgos Destacados

Riesgo crediticio de GS Finance Corp. y The Goldman Sachs Group.
Riesgo de llamada anticipada que limita las ganancias al 15% y puede acortar el horizonte de inversión.
No hay ingresos por cupones; costo de oportunidad frente a deuda que paga intereses.
Volatilidad del valor de mercado impulsada por tasas, desempeño del índice y diferenciales de crédito; liquidez no garantizada.
Tratamiento fiscal complejo; posible retención FATCA/§871(m) para tenedores no estadounidenses.

거래 개요 GS Finance Corp.는 2030년 만기인 Autocallable EURO STOXX 50® 지수 연계 노트를 발행하며, 이는 The Goldman Sachs Group, Inc.가 전액 무조건적으로 보증합니다. 이 노트는 시리즈 F 중기 노트 프로그램의 일부로, 2025년 7월 28일에 가격이 책정되고, 2025년 7월 31일에 결제되며, CUSIP 번호 40058JMC6로 거래됩니다.

주요 경제 조건

액면 금액: 노트당 $1,000.
자동 콜: 단일 관찰일 2027년 7월 28일; EURO STOXX 50 (SX5E)가 초기 수준 이상일 경우, 투자자는 $1,150(액면가의 115%)를 2027년 8월 2일에 받고 노트는 종료됩니다.
콜이 되지 않을 경우, 만기는 2030년 8월 1일. 현금 결제: • SX5E가 초기 수준 이상일 경우 – 액면가와 100% 상승 참여; • SX5E가 초기 수준 이하일 경우 – 액면가만 반환.
정기 쿠폰 없음; 노트는 이자를 지급하지 않습니다.
발행일 기준 발행사의 추정 가치: $1,000당 $885–$915, 발행가 100%보다 낮음.
발행가 100%; 인수 할인 2.2%; 순수익 97.8%.
발행사: GS Finance Corp.; 보증인: The Goldman Sachs Group, Inc.; 계산 대리인: Goldman Sachs & Co. LLC.

투자자 영향

발행사와 보증인이 의무를 이행하면 만기 시 원금이 상환될 예정입니다.
지수가 변동 없거나 상승할 경우 2년 후 고정 15% 프리미엄을 얻을 수 있습니다.
노트가 콜되지 않으면 2027년부터 2030년까지 무제한 상승 가능성이 있습니다.
하락에 대한 참여는 없으나, 만기 시 SX5E가 변동 없거나 하락하면 총 수익은 0입니다.
2차 시장 가치는 액면가 대비 8.5~11.5% 낮은 수준에서 시작할 것으로 예상되며, Goldman의 시장 조성에 따라 달라집니다.
세금은 조건부 지급 채무 상품으로 과세되며, 보유자는 비교 가능한 수익률에 따라 연간 일반 소득을 인식합니다.

주요 위험 요인

GS Finance Corp. 및 The Goldman Sachs Group의 신용 위험.
조기 콜 위험으로 인해 수익이 15%로 제한되고 투자 기간이 단축될 수 있습니다.
쿠폰 수익 없음; 이자 지급 채무 대비 기회 비용.
금리, 지수 성과, 신용 스프레드에 따른 시장 가치 변동성; 유동성 보장 불가.
복잡한 세금 처리; 미국 외 투자자에 대한 FATCA/§871(m) 원천징수 가능성.

Aperçu de l'Opération GS Finance Corp. émet des Notes Autocallables indexées sur l'indice EURO STOXX 50® échéance 2030, garanties de manière pleine et inconditionnelle par The Goldman Sachs Group, Inc. Les notes font partie du programme de billets à moyen terme Série F, seront cotées le 28 juillet 2025, réglées le 31 juillet 2025 et négociées sous le CUSIP 40058JMC6.

Principaux Termes Économiques

Montant nominal : 1 000 $ par note.
Rappel automatique : observation unique le 28 juillet 2027 ; si l’EURO STOXX 50 (SX5E) ≥ niveau initial, les investisseurs reçoivent 1 150 $ (115 % du nominal) le 2 août 2027 et la note prend fin.
Si non rappelée, échéance le 1er août 2030. Règlement en espèces : • SX5E au-dessus du niveau initial – nominal plus participation à 100 % à la hausse ; • SX5E à ou en dessous du niveau initial – remboursement du nominal uniquement.
Pas de coupons périodiques ; les notes ne portent pas d’intérêts.
Valeur estimée par l’émetteur à la date de négociation : 885–915 $ par 1 000 $, inférieure au prix d’émission de 100 %.
Prix d’émission 100 % ; décote de souscription 2,2 % ; produit net 97,8 %.
Émetteur : GS Finance Corp. ; Garant : The Goldman Sachs Group, Inc. ; Agent de calcul : Goldman Sachs & Co. LLC.

Implications pour les Investisseurs

Le capital devrait être remboursé à l’échéance si l’émetteur et le garant respectent leurs engagements.
Les investisseurs peuvent obtenir une prime fixe de 15 % après deux ans si l’indice est stable ou en hausse.
Potentiel de hausse illimité de 2027 à 2030 si la note n’est pas rappelée.
Pas de participation à la baisse, mais rendement total nul si le SX5E est stable ou en baisse à l’échéance.
Les valeurs secondaires devraient commencer entre 8,5 % et 11,5 % en dessous de la valeur nominale et dépendent du market making de Goldman.
Fiscalité complexe ; les détenteurs accumulent un revenu ordinaire annuel basé sur un rendement comparable.

Principaux Risques Mises en Avant

Risque de crédit lié à GS Finance Corp. et The Goldman Sachs Group.
Risque de rappel anticipé limitant les gains à 15 % et pouvant raccourcir l’horizon d’investissement.
Absence de revenus de coupons ; coût d’opportunité par rapport à la dette générant des intérêts.
Volatilité de la valeur de marché influencée par les taux, la performance de l’indice et les écarts de crédit ; liquidité non garantie.
Traitement fiscal complexe ; possible retenue FATCA/§871(m) pour les porteurs non américains.

Transaktionsübersicht GS Finance Corp. gibt Autocallable EURO STOXX 50® Index-gebundene Notes mit Fälligkeit 2030 heraus, die von The Goldman Sachs Group, Inc. vollständig und bedingungslos garantiert werden. Die Notes sind Teil des Medium-Term-Note-Programms Serie F, werden am 28. Juli 2025 bepreist, am 31. Juli 2025 abgewickelt und unter CUSIP 40058JMC6 gehandelt.

Wesentliche Wirtschaftliche Bedingungen

Nennbetrag: $1.000 pro Note.
Automatischer Rückruf: einmalige Beobachtung am 28. Juli 2027; wenn EURO STOXX 50 (SX5E) ≥ Anfangswert, erhalten Anleger am 2. August 2027 $1.150 (115% des Nennwerts) und die Note endet.
Wenn nicht zurückgerufen, Fälligkeit am 1. August 2030. Barausgleich: • SX5E über Anfangswert – Nennwert plus 100% Aufwärtsbeteiligung; • SX5E auf oder unter Anfangswert – nur Rückzahlung des Nennwerts.
Keine periodischen Kupons; die Notes tragen keine Zinsen.
Geschätzter Emittentenwert am Handelstag: $885–$915 pro $1.000, unter dem 100% Emissionspreis.
Emissionspreis 100%; Underwriting-Discount 2,2%; Nettoerlös 97,8%.
Emittent: GS Finance Corp.; Garant: The Goldman Sachs Group, Inc.; Berechnungsagent: Goldman Sachs & Co. LLC.

Implikationen für Investoren

Das Kapital wird bei Fälligkeit zurückgezahlt, sofern Emittent und Garant ihre Verpflichtungen erfüllen.
Anleger können nach zwei Jahren eine feste Prämie von 15% erhalten, wenn der Index stabil bleibt oder steigt.
Unbegrenztes Aufwärtspotenzial von 2027 bis 2030, falls die Note nicht zurückgerufen wird.
Keine Abwärtsbeteiligung, aber keine Gesamtrendite, wenn SX5E bei Fälligkeit stabil bleibt oder fällt.
Sekundärwerte werden voraussichtlich 8,5–11,5% unter dem Nennwert starten und hängen vom Market Making von Goldman ab.
Besteuerung als bedingtes Zahlungsinstrument; Inhaber erfassen jährlich ordentliche Einkünfte basierend auf einer vergleichbaren Rendite.

Hervorgehobene Hauptrisiken

Kreditrisiko von GS Finance Corp. und The Goldman Sachs Group.
Risiko des vorzeitigen Rückrufs begrenzt Gewinne auf 15% und kann den Anlagehorizont verkürzen.
Keine Kuponzahlungen; Opportunitätskosten gegenüber verzinslichen Schuldtiteln.
Marktwertvolatilität beeinflusst durch Zinsen, Indexperformance und Kreditspreads; Liquidität nicht garantiert.
Komplexe steuerliche Behandlung; mögliche FATCA/§871(m) Quellensteuer für Nicht-US-Inhaber.

Positive

100% principal protection at maturity, assuming no issuer or guarantor default.
15% fixed return achievable after two years if the EURO STOXX 50 closes at or above the initial level.
Unlimited 100% upside participation from 2027-2030 if the note is not called.

Negative

Estimated value is 8.5-11.5% below the $1,000 issue price, creating an immediate mark-to-model loss.
Early call caps upside at 15% and may occur under modest market strength.
No periodic interest; zero return if the index is flat or down, leading to opportunity cost.
Complex contingent payment debt instrument tax treatment with annual ordinary income accrual.
Credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc.
Potentially limited secondary-market liquidity and dealer bid-ask spreads.

Insights

TL;DR Principal-protected autocall grants 15% in 2 yrs, 100% upside later; value discount, call cap and tax complexity temper appeal.

Product design. The note combines full principal protection with a single 2-year call that pays a 15% premium. If SX5E rises modestly, investors are forced out at that fixed return; only if the index is flat or lower does the position continue, giving 100% upside through 2030. This asymmetric profile benefits the issuer by capping payouts in common scenarios while leaving investors exposed to opportunity cost.
Pricing. Estimated value $885-$915 signals an immediate 8.5-11.5% economic cost attributable to fees, hedging and issuer funding benefit. Investors must see the 15% call payoff or strong equity performance post-2027 merely to break even on mark-to-model value.
Risk/return. Principal protection is attractive, yet credit exposure to Goldman remains. Absence of coupons erodes real value in a higher-rate environment. Market-making is discretionary, so exit liquidity may be poor.
Overall. Suitable for investors seeking capital preservation with equity-linked upside, who are comfortable with payoff caps, complex taxation and issuer credit risk.

TL;DR Structured note offers capped equity kicker versus risk-free cash; relative value looks thin given 10% initial discount.

The 15% callable premium compares well to short-dated investment-grade corporates, yet investors forego interim income and accept model value erosion. If SX5E rises ≥ 0% by 2027, reinvestment risk appears at a time when rates may differ. Holding to 2030 yields genuine upside participation, but only if the index beats zero after five years of potential stagnation. From an asset-allocation view, buying SX5E outright alongside Treasuries could replicate similar exposure without credit or liquidity frictions. I see limited portfolio utility except for investors prioritising headline principal protection.

Termini Economici Chiave

Importo nominale: $1.000 per nota.
Richiamo automatico: osservazione singola il 28 luglio 2027; se EURO STOXX 50 (SX5E) ≥ livello iniziale, gli investitori ricevono $1.150 (115% del nominale) il 2 agosto 2027 e la nota termina.
Se non richiamata, scadenza il 1 agosto 2030. Regolamento in contanti: • SX5E sopra il livello iniziale – nominale più partecipazione al rialzo del 100%; • SX5E pari o inferiore al livello iniziale – solo restituzione del nominale.
Assenza di cedole periodiche; le note non maturano interessi.
Valore stimato dall’emittente alla data di negoziazione: $885–$915 per $1.000, inferiore al prezzo di emissione del 100%.
Prezzo di emissione 100%; sconto di sottoscrizione 2,2%; proventi netti 97,8%.
Emittente: GS Finance Corp.; garante: The Goldman Sachs Group, Inc.; agente di calcolo: Goldman Sachs & Co. LLC.

Implicazioni per gli Investitori

Il capitale è previsto essere rimborsato a scadenza se emittente e garante adempiono ai loro obblighi.
Gli investitori possono ottenere un premio fisso del 15% dopo due anni se l'indice è stabile o in crescita.
Potenziale guadagno illimitato dal 2027 al 2030 se la nota non viene richiamata.
Nessuna partecipazione al ribasso, ma rendimento totale pari a zero se SX5E è stabile o in calo a scadenza.
I valori secondari sono attesi iniziare tra l'8,5% e l'11,5% sotto il valore nominale e dipendono dal market making di Goldman.
Fiscalmente trattate come strumenti di debito con pagamento condizionato; i detentori accumulano reddito ordinario annualmente basato su un rendimento comparabile.

Principali Rischi Evidenziati

Rischio di credito di GS Finance Corp. e The Goldman Sachs Group.
Rischio di richiamo anticipato che limita i guadagni al 15% e può ridurre l’orizzonte d’investimento.
Nessun reddito da cedole; costo opportunità rispetto a titoli a reddito fisso.
Volatilità del valore di mercato influenzata da tassi, performance dell’indice e spread di credito; liquidità non garantita.
Trattamento fiscale complesso; possibile ritenuta FATCA/§871(m) per investitori non statunitensi.

Términos Económicos Clave

Importe nominal: $1,000 por nota.
Llamada automática: observación única el 28 jul 2027; si EURO STOXX 50 (SX5E) ≥ nivel inicial, los inversores reciben $1,150 (115% del nominal) el 2 ago 2027 y la nota termina.
Si no es llamada, vencimiento el 1 ago 2030. Liquidación en efectivo: • SX5E por encima del inicial – nominal más participación al alza del 100%; • SX5E igual o por debajo del inicial – solo devolución del nominal.
No hay cupones periódicos; las notas no generan intereses.
Valor estimado por el emisor en la fecha de operación: $885–$915 por $1,000, por debajo del precio de emisión del 100%.
Precio de emisión 100%; descuento de suscripción 2.2%; ingresos netos 97.8%.
Emisor: GS Finance Corp.; garante: The Goldman Sachs Group, Inc.; agente de cálculo: Goldman Sachs & Co. LLC.

Implicaciones para los Inversores

El principal está programado para ser reembolsado al vencimiento si el emisor y garante cumplen sus obligaciones.
Los inversores pueden obtener una prima fija del 15% después de dos años si el índice se mantiene o sube.
Potencial de ganancia ilimitada de 2027 a 2030 si la nota no es llamada.
No hay participación en pérdidas, pero rendimiento total cero si SX5E se mantiene o baja al vencimiento.
Se espera que los valores secundarios comiencen entre un 8.5% y 11.5% por debajo del valor nominal y dependen de la creación de mercado de Goldman.
Tributación como instrumento de deuda con pago contingente; los tenedores acumulan renta ordinaria anualmente basada en un rendimiento comparable.

Principales Riesgos Destacados

Riesgo crediticio de GS Finance Corp. y The Goldman Sachs Group.
Riesgo de llamada anticipada que limita las ganancias al 15% y puede acortar el horizonte de inversión.
No hay ingresos por cupones; costo de oportunidad frente a deuda que paga intereses.
Volatilidad del valor de mercado impulsada por tasas, desempeño del índice y diferenciales de crédito; liquidez no garantizada.
Tratamiento fiscal complejo; posible retención FATCA/§871(m) para tenedores no estadounidenses.

주요 경제 조건

액면 금액: 노트당 $1,000.
자동 콜: 단일 관찰일 2027년 7월 28일; EURO STOXX 50 (SX5E)가 초기 수준 이상일 경우, 투자자는 $1,150(액면가의 115%)를 2027년 8월 2일에 받고 노트는 종료됩니다.
콜이 되지 않을 경우, 만기는 2030년 8월 1일. 현금 결제: • SX5E가 초기 수준 이상일 경우 – 액면가와 100% 상승 참여; • SX5E가 초기 수준 이하일 경우 – 액면가만 반환.
정기 쿠폰 없음; 노트는 이자를 지급하지 않습니다.
발행일 기준 발행사의 추정 가치: $1,000당 $885–$915, 발행가 100%보다 낮음.
발행가 100%; 인수 할인 2.2%; 순수익 97.8%.
발행사: GS Finance Corp.; 보증인: The Goldman Sachs Group, Inc.; 계산 대리인: Goldman Sachs & Co. LLC.

투자자 영향

발행사와 보증인이 의무를 이행하면 만기 시 원금이 상환될 예정입니다.
지수가 변동 없거나 상승할 경우 2년 후 고정 15% 프리미엄을 얻을 수 있습니다.
노트가 콜되지 않으면 2027년부터 2030년까지 무제한 상승 가능성이 있습니다.
하락에 대한 참여는 없으나, 만기 시 SX5E가 변동 없거나 하락하면 총 수익은 0입니다.
2차 시장 가치는 액면가 대비 8.5~11.5% 낮은 수준에서 시작할 것으로 예상되며, Goldman의 시장 조성에 따라 달라집니다.
세금은 조건부 지급 채무 상품으로 과세되며, 보유자는 비교 가능한 수익률에 따라 연간 일반 소득을 인식합니다.

주요 위험 요인

GS Finance Corp. 및 The Goldman Sachs Group의 신용 위험.
조기 콜 위험으로 인해 수익이 15%로 제한되고 투자 기간이 단축될 수 있습니다.
쿠폰 수익 없음; 이자 지급 채무 대비 기회 비용.
금리, 지수 성과, 신용 스프레드에 따른 시장 가치 변동성; 유동성 보장 불가.
복잡한 세금 처리; 미국 외 투자자에 대한 FATCA/§871(m) 원천징수 가능성.

Principaux Termes Économiques

Montant nominal : 1 000 $ par note.
Rappel automatique : observation unique le 28 juillet 2027 ; si l’EURO STOXX 50 (SX5E) ≥ niveau initial, les investisseurs reçoivent 1 150 $ (115 % du nominal) le 2 août 2027 et la note prend fin.
Si non rappelée, échéance le 1er août 2030. Règlement en espèces : • SX5E au-dessus du niveau initial – nominal plus participation à 100 % à la hausse ; • SX5E à ou en dessous du niveau initial – remboursement du nominal uniquement.
Pas de coupons périodiques ; les notes ne portent pas d’intérêts.
Valeur estimée par l’émetteur à la date de négociation : 885–915 $ par 1 000 $, inférieure au prix d’émission de 100 %.
Prix d’émission 100 % ; décote de souscription 2,2 % ; produit net 97,8 %.
Émetteur : GS Finance Corp. ; Garant : The Goldman Sachs Group, Inc. ; Agent de calcul : Goldman Sachs & Co. LLC.

Implications pour les Investisseurs

Le capital devrait être remboursé à l’échéance si l’émetteur et le garant respectent leurs engagements.
Les investisseurs peuvent obtenir une prime fixe de 15 % après deux ans si l’indice est stable ou en hausse.
Potentiel de hausse illimité de 2027 à 2030 si la note n’est pas rappelée.
Pas de participation à la baisse, mais rendement total nul si le SX5E est stable ou en baisse à l’échéance.
Les valeurs secondaires devraient commencer entre 8,5 % et 11,5 % en dessous de la valeur nominale et dépendent du market making de Goldman.
Fiscalité complexe ; les détenteurs accumulent un revenu ordinaire annuel basé sur un rendement comparable.

Principaux Risques Mises en Avant

Risque de crédit lié à GS Finance Corp. et The Goldman Sachs Group.
Risque de rappel anticipé limitant les gains à 15 % et pouvant raccourcir l’horizon d’investissement.
Absence de revenus de coupons ; coût d’opportunité par rapport à la dette générant des intérêts.
Volatilité de la valeur de marché influencée par les taux, la performance de l’indice et les écarts de crédit ; liquidité non garantie.
Traitement fiscal complexe ; possible retenue FATCA/§871(m) pour les porteurs non américains.

Wesentliche Wirtschaftliche Bedingungen

Nennbetrag: $1.000 pro Note.
Automatischer Rückruf: einmalige Beobachtung am 28. Juli 2027; wenn EURO STOXX 50 (SX5E) ≥ Anfangswert, erhalten Anleger am 2. August 2027 $1.150 (115% des Nennwerts) und die Note endet.
Wenn nicht zurückgerufen, Fälligkeit am 1. August 2030. Barausgleich: • SX5E über Anfangswert – Nennwert plus 100% Aufwärtsbeteiligung; • SX5E auf oder unter Anfangswert – nur Rückzahlung des Nennwerts.
Keine periodischen Kupons; die Notes tragen keine Zinsen.
Geschätzter Emittentenwert am Handelstag: $885–$915 pro $1.000, unter dem 100% Emissionspreis.
Emissionspreis 100%; Underwriting-Discount 2,2%; Nettoerlös 97,8%.
Emittent: GS Finance Corp.; Garant: The Goldman Sachs Group, Inc.; Berechnungsagent: Goldman Sachs & Co. LLC.

Implikationen für Investoren

Das Kapital wird bei Fälligkeit zurückgezahlt, sofern Emittent und Garant ihre Verpflichtungen erfüllen.
Anleger können nach zwei Jahren eine feste Prämie von 15% erhalten, wenn der Index stabil bleibt oder steigt.
Unbegrenztes Aufwärtspotenzial von 2027 bis 2030, falls die Note nicht zurückgerufen wird.
Keine Abwärtsbeteiligung, aber keine Gesamtrendite, wenn SX5E bei Fälligkeit stabil bleibt oder fällt.
Sekundärwerte werden voraussichtlich 8,5–11,5% unter dem Nennwert starten und hängen vom Market Making von Goldman ab.
Besteuerung als bedingtes Zahlungsinstrument; Inhaber erfassen jährlich ordentliche Einkünfte basierend auf einer vergleichbaren Rendite.

Hervorgehobene Hauptrisiken

Kreditrisiko von GS Finance Corp. und The Goldman Sachs Group.
Risiko des vorzeitigen Rückrufs begrenzt Gewinne auf 15% und kann den Anlagehorizont verkürzen.
Keine Kuponzahlungen; Opportunitätskosten gegenüber verzinslichen Schuldtiteln.
Marktwertvolatilität beeinflusst durch Zinsen, Indexperformance und Kreditspreads; Liquidität nicht garantiert.
Komplexe steuerliche Behandlung; mögliche FATCA/§871(m) Quellensteuer für Nicht-US-Inhaber.

07/07/2025 - 04:18 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________

FORM 8-K

_____________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 07, 2025

Commission File Number: 1-11607

DTE Energy Company


Michigan						38-3217752
(State or other jurisdiction of incorporation or organization)						(I.R.S Employer Identification No.)

Commission File Number: 1-2198

DTE Electric Company


Michigan						38-0478650
(State or other jurisdiction of incorporation or organization)						(I.R.S Employer Identification No.)

Registrants address of principal executive offices: One Energy Plaza, Detroit, Michigan 48226-1221

Registrants telephone number, including area code: (313) 235-4000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Exchange on which Registered

Common stock, without par value

DTE

New York Stock Exchange

2017 Series E 5.25% Junior Subordinated Debentures due 2077

DTW

New York Stock Exchange

2020 Series G 4.375% Junior Subordinated Debentures due 2080

DTB

New York Stock Exchange

2021 Series E 4.375% Junior Subordinated Debentures due 2081

DTG

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 7.01. Regulation FD Disclosure.

DTE Energy Company (“DTE Energy”) will meet with investors on July 8, 2025. A copy of the slide presentation was furnished as Exhibit 99.1 to Current Report of Form 8-K filed May 16, 2025, and is herein incorporated by reference. The slide presentation is available on DTE Energy's website, www.dteenergy.com.

In its business presentation and this filing, DTE Energy discusses 2025 operating earnings guidance. It is likely that certain items that impact the company's 2025 reported results will be excluded from operating results. Reconciliations to the comparable 2025 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items (i.e. future non-recurring items, certain mark-to-market adjustments and discontinued operations). These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits


99.1			Slide Presentation of DTE Energy Company dated May 18-20, 2025 (incorporated by reference to Exhibit 99.1 of Current Report on Form 8-K filed on May 16, 2025).

104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

Forward-Looking Statements:

This Form 8-K contains forward-looking statements that are subject to various assumptions, risks and uncertainties. It should be read in conjunction with the "Forward-Looking Statements" section in DTE Energy's and DTE Electric Company's (DTE Electric) 2024 Form 10-K and 2025 Form 10-Q (which section is incorporated by reference herein), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric that discuss important factors that could cause DTE Energy's and DTE Electric's actual results to differ materially. DTE Energy and DTE Electric expressly disclaim any current intention to update any forward-looking statements contained in this report as a result of new information or future events or developments.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.


Date: July 7, 2025

			DTE ENERGY COMPANY (Registrant)
			/s/David Ruud David Ruud Executive Vice President and Chief Financial Officer


			DTE ELECTRIC COMPANY (Registrant)
			/s/David Ruud David Ruud Executive Vice President and Chief Financial Officer

Source: View Original Filing on SEC EDGAR

FAQ

When is the call observation date for the GS Autocallable EURO STOXX 50 Notes (GS)?

The single call observation date is 28 July 2027.

How much will investors receive if the notes are automatically called?

If called, holders receive $1,150 per $1,000 face amount (115%) on the 2 August 2027 call payment date.

What happens at maturity if the EURO STOXX 50 Index is below the initial level?

Investors receive only the $1,000 principal; there is no loss of principal but also no positive return.

Why is the estimated value ($885–$915) lower than the $1,000 issue price?

The difference reflects underwriting fees, structuring costs and issuer funding spread embedded in Goldman’s pricing models.

Do the notes pay any periodic interest or coupons?

No. The notes bear no interest; all potential return is delivered via the call premium or upside participation at maturity.

What are the key U.S. tax considerations for these notes?

They are treated as contingent payment debt instruments; holders must accrue ordinary income annually based on a comparable yield, even though no cash is received until redemption.

[8-K] DTE Energy Company Reports Material Event

Insights

FAQ

When is the call observation date for the GS Autocallable EURO STOXX 50 Notes (GS)?

How much will investors receive if the notes are automatically called?

What happens at maturity if the EURO STOXX 50 Index is below the initial level?

Why is the estimated value ($885–$915) lower than the $1,000 issue price?

Do the notes pay any periodic interest or coupons?

What are the key U.S. tax considerations for these notes?

NYSE:DTE

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DTE Latest News

DTE Latest SEC Filings

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Trending News

[8-K] DTE Energy Company Reports Material Event

Insights

Structured Notes Analyst neutral

Multi-Asset Portfolio Manager neutral

FAQ

When is the call observation date for the GS Autocallable EURO STOXX 50 Notes (GS)?

How much will investors receive if the notes are automatically called?

What happens at maturity if the EURO STOXX 50 Index is below the initial level?

Why is the estimated value ($885–$915) lower than the $1,000 issue price?

Do the notes pay any periodic interest or coupons?

What are the key U.S. tax considerations for these notes?

NYSE:DTE

DTE Rankings

DTE Latest News

DTE Latest SEC Filings

DTE Stock Data