[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
The free writing prospectus (FWP) outlines the key terms of GS Finance Corp.’s Contingent Income Auto-Callable Securities linked to the common stock of GE Vernova Inc. (ticker: GEV UN), fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. The notes are part of Goldman’s Series F medium-term program and are scheduled to price on or about June 27 2025, settle on July 2 2025 and mature June 30 2028, unless automatically called earlier.
Investors will receive a contingent quarterly coupon of at least $32.50 per $1,000 note (≈ 3.25 % per quarter; rate set on the pricing date) only if, on the relevant observation date, the GEV share price is at or above the 50 % downside threshold. Should the stock close at or above the initial price on any observation date, the securities are automatically called and repaid at par plus the due coupon; no further payments occur thereafter.
At maturity, holders receive:
- Par + final coupon if the final share price is at least 50 % of the initial price.
- Par multiplied by the share-performance factor if the final price is below the threshold, exposing investors to a dollar-for-dollar loss beyond a 50 % decline.
The preliminary estimated value is $905–$965, materially below the $1,000 issue price, reflecting embedded fees and hedging costs. Key risks highlighted include potential loss of the entire investment, possible receipt of zero coupons, limited liquidity, GS credit exposure, and the limited trading history of GE Vernova’s shares.
The product may appeal to income-seeking investors who hold a moderately bullish or range-bound view on GE Vernova but are willing to accept credit and equity downside risk in exchange for elevated conditional yield.
Il prospetto informativo gratuito (FWP) descrive i termini principali delle Contingent Income Auto-Callable Securities emesse da GS Finance Corp. e collegate alle azioni ordinarie di GE Vernova Inc. (ticker: GEV UN), garantite in modo pieno e incondizionato da The Goldman Sachs Group, Inc. Questi titoli fanno parte del programma a medio termine Serie F di Goldman e sono previsti per la quotazione intorno al 27 giugno 2025, con regolamento il 2 luglio 2025 e scadenza il 30 giugno 2028, salvo richiamo automatico anticipato.
Gli investitori riceveranno un coupon trimestrale condizionato di almeno 32,50 $ per ogni 1.000 $ di valore nominale (circa 3,25 % trimestrale; tasso fissato alla data di pricing) solo se, alla data di osservazione rilevante, il prezzo delle azioni GEV sarà pari o superiore alla soglia di ribasso del 50 %. Se il titolo chiuderà pari o sopra il prezzo iniziale in una qualsiasi data di osservazione, i titoli saranno richiamati automaticamente e rimborsati a valore nominale più il coupon dovuto; non saranno effettuati ulteriori pagamenti dopo tale data.
Alla scadenza, i detentori riceveranno:
- Valore nominale + coupon finale se il prezzo finale delle azioni è almeno il 50 % di quello iniziale.
- Valore nominale moltiplicato per il fattore di performance azionaria se il prezzo finale è inferiore alla soglia, esponendo gli investitori a una perdita pari al ribasso oltre il 50 %.
Il valore preliminare stimato è compreso tra 905 e 965 $, significativamente inferiore al prezzo di emissione di 1.000 $, a causa di costi incorporati e di copertura. I principali rischi evidenziati includono la possibile perdita totale dell’investimento, la possibilità di ricevere coupon nulli, la scarsa liquidità, l’esposizione al credito di GS e la limitata storia di negoziazione delle azioni di GE Vernova.
Il prodotto potrebbe interessare investitori orientati al reddito, con una visione moderatamente rialzista o laterale su GE Vernova, disposti ad accettare i rischi di credito e di ribasso azionario in cambio di un rendimento condizionato elevato.
El prospecto de escritura libre (FWP) describe los términos clave de los Valores Contingent Income Auto-Callable emitidos por GS Finance Corp., vinculados a las acciones ordinarias de GE Vernova Inc. (símbolo: GEV UN), garantizados total e incondicionalmente por The Goldman Sachs Group, Inc. Los bonos forman parte del programa a medio plazo Serie F de Goldman y están programados para fijar precio alrededor del 27 de junio de 2025, liquidar el 2 de julio de 2025 y vencer el 30 de junio de 2028, salvo que se llamen automáticamente antes.
Los inversionistas recibirán un cupón trimestral contingente de al menos 32,50 $ por cada 1.000 $ de valor nominal (≈ 3,25 % trimestral; tasa establecida en la fecha de precio) solo si, en la fecha de observación correspondiente, el precio de la acción GEV está en o por encima del umbral de caída del 50 %. Si la acción cierra en o por encima del precio inicial en cualquier fecha de observación, los valores se llamarán automáticamente y se reembolsarán al valor nominal más el cupón debido; no habrá pagos adicionales después de eso.
Al vencimiento, los tenedores recibirán:
- Valor nominal + cupón final si el precio final de la acción es al menos el 50 % del precio inicial.
- Valor nominal multiplicado por el factor de desempeño de la acción si el precio final está por debajo del umbral, exponiendo a los inversionistas a una pérdida dólar por dólar más allá de una caída del 50 %.
El valor preliminar estimado es de 905 a 965 $, considerablemente por debajo del precio de emisión de 1.000 $, reflejando costos incorporados y de cobertura. Los riesgos clave destacados incluyen la posible pérdida total de la inversión, la posible recepción de cupones nulos, la liquidez limitada, la exposición crediticia a GS y el historial limitado de negociación de las acciones de GE Vernova.
El producto puede atraer a inversores que buscan ingresos con una visión moderadamente alcista o lateral sobre GE Vernova, dispuestos a aceptar riesgos de crédito y de caída en acciones a cambio de un rendimiento condicional elevado.
무료 작성 설명서(FWP)는 GS Finance Corp.가 발행하는 GE Vernova Inc.의 보통주(티커: GEV UN)에 연계된 Contingent Income Auto-Callable 증권의 주요 조건을 설명하며, 이는 The Goldman Sachs Group, Inc.가 전면적이고 무조건적으로 보증합니다. 이 노트는 골드만삭스의 시리즈 F 중기 프로그램의 일부이며, 2025년 6월 27일경 가격이 책정되고, 2025년 7월 2일에 결제되며, 자동 조기상환이 없으면 2028년 6월 30일에 만기됩니다.
투자자는 관련 관찰일에 GEV 주가가 50 % 하락 임계값 이상일 경우에만 분기별 조건부 쿠폰으로 최소 1,000달러당 32.50달러(분기별 약 3.25 %로, 가격 책정일에 확정된 이율)를 받게 됩니다. 주가가 관찰일에 최초 가격 이상으로 마감하면 증권은 자동으로 상환되며 원금과 해당 쿠폰이 지급되고 이후 추가 지급은 없습니다.
만기 시 보유자는 다음을 받습니다:
- 최종 주가가 최초 가격의 최소 50 % 이상일 경우 원금 + 최종 쿠폰
- 최종 가격이 임계값 이하일 경우 주가 성과 계수에 원금을 곱한 금액을 받으며, 50 % 이상 하락 시 투자자는 달러당 손실에 노출됩니다.
예상 초기 가치는 905~965달러로, 1,000달러 발행가보다 상당히 낮으며 내재 수수료 및 헤지 비용을 반영합니다. 주요 위험으로는 투자 원금 전액 손실 가능성, 쿠폰 미지급 가능성, 제한된 유동성, GS 신용 위험, GE Vernova 주식의 제한된 거래 이력이 포함됩니다.
이 상품은 GE Vernova에 대해 중간 정도의 강세 또는 횡보 전망을 가진 수익 추구 투자자에게 매력적일 수 있으며, 신용 및 주식 하락 위험을 감수하는 대신 높은 조건부 수익률을 기대할 수 있습니다.
Le prospectus de rédaction libre (FWP) présente les principales conditions des titres Contingent Income Auto-Callable émis par GS Finance Corp., liés aux actions ordinaires de GE Vernova Inc. (symbole : GEV UN), entièrement et inconditionnellement garantis par The Goldman Sachs Group, Inc. Les notes font partie du programme à moyen terme Série F de Goldman et sont prévues pour être cotées vers le 27 juin 2025, réglées le 2 juillet 2025 et arriver à échéance le 30 juin 2028, sauf si elles sont rappelées automatiquement plus tôt.
Les investisseurs recevront un coupon trimestriel conditionnel d'au moins 32,50 $ par tranche de 1 000 $ (≈ 3,25 % par trimestre ; taux fixé à la date de tarification) uniquement si, à la date d'observation pertinente, le cours de l'action GEV est égal ou supérieur au seuil de baisse de 50 %. Si le titre clôture à ou au-dessus du prix initial à une date d'observation, les titres sont automatiquement rappelés et remboursés au pair plus le coupon dû ; aucun paiement supplémentaire n'a lieu par la suite.
À l'échéance, les détenteurs recevront :
- Le pair + coupon final si le cours final de l'action est au moins égal à 50 % du prix initial.
- Le pair multiplié par le facteur de performance de l'action si le cours final est inférieur au seuil, exposant les investisseurs à une perte dollar pour dollar au-delà d'une baisse de 50 %.
La valeur estimée préliminaire est comprise entre 905 et 965 $, nettement inférieure au prix d'émission de 1 000 $, reflétant les frais intégrés et les coûts de couverture. Les principaux risques mis en avant incluent la perte totale potentielle de l'investissement, la possibilité de ne recevoir aucun coupon, la liquidité limitée, l'exposition au crédit de GS et l'historique de négociation limité des actions GE Vernova.
Ce produit peut intéresser les investisseurs recherchant un revenu, ayant une vision modérément haussière ou neutre sur GE Vernova, mais prêts à accepter les risques de crédit et de baisse des actions en échange d'un rendement conditionnel élevé.
Das Free Writing Prospectus (FWP) skizziert die wichtigsten Bedingungen der Contingent Income Auto-Callable Securities von GS Finance Corp., die an die Stammaktien von GE Vernova Inc. (Ticker: GEV UN) gekoppelt sind und vollständig und bedingungslos von The Goldman Sachs Group, Inc. garantiert werden. Die Notes sind Teil des mittel- bis langfristigen Programms der Serie F von Goldman und sollen am oder um den 27. Juni 2025 bepreist, am 2. Juli 2025 abgewickelt und am 30. Juni 2028 fällig werden, sofern sie nicht vorher automatisch zurückgerufen werden.
Investoren erhalten nur dann einen bedingten vierteljährlichen Kupon von mindestens 32,50 $ pro 1.000 $ Note (≈ 3,25 % pro Quartal; Zinssatz am Pricing-Tag festgelegt), wenn der GEV-Aktienkurs am jeweiligen Beobachtungstag auf oder über der 50 % Abwärtsgrenze liegt. Sollte die Aktie an einem Beobachtungstag auf oder über dem Anfangskurs schließen, werden die Wertpapiere automatisch zurückgerufen und zum Nennwert plus dem fälligen Kupon zurückgezahlt; danach erfolgen keine weiteren Zahlungen.
Bei Fälligkeit erhalten die Inhaber:
- Nennwert + Schlusskupon, wenn der Schlusskurs mindestens 50 % des Anfangskurses beträgt.
- Nennwert multipliziert mit dem Aktienperformancefaktor, wenn der Schlusskurs unter der Schwelle liegt, wodurch Investoren einem Dollar-für-Dollar-Verlust bei einem Rückgang von mehr als 50 % ausgesetzt sind.
Der vorläufig geschätzte Wert liegt bei 905–965 $, deutlich unter dem Ausgabepreis von 1.000 $, was eingebettete Gebühren und Absicherungskosten widerspiegelt. Wichtige hervorgehobene Risiken umfassen den möglichen Totalverlust der Investition, das Risiko, keine Kupons zu erhalten, eingeschränkte Liquidität, GS-Kreditrisiko und die begrenzte Handelshistorie der GE Vernova-Aktien.
Das Produkt könnte für einkommensorientierte Investoren attraktiv sein, die eine moderat bullische oder seitwärts gerichtete Sicht auf GE Vernova haben, aber bereit sind, Kredit- und Aktienabwärtsrisiken zugunsten einer erhöhten bedingten Rendite zu akzeptieren.
- None.
- None.
Insights
TL;DR: High conditional yield with 50 % buffer offsets no upside, credit risk and potential full loss; neutral to GS shareholders.
The note delivers an attractive headline coupon of ≥$32.50 per quarter—roughly 13 % annualised—if GE Vernova closes above the 50 % threshold. However, all coupons are forfeited and principal erodes one-for-one if the stock finishes below that level at maturity. The embedded call feature shortens duration if GEV rallies, capping returns at par and trimming income. Estimated value (90.5–96.5 % of par) implies a 3.5–9.5 % placement spread, typical for retail structured notes but a material drag on secondary valuations. Because issuance volume is not disclosed and such products are flow-driven, the event is immaterial to Goldman’s fundamentals; rating: neutral.
TL;DR: Attractive coupon for yield hunters, yet low estimated value, liquidity concerns and downside risk temper overall appeal.
From a portfolio perspective, the note functions as a short-dated high-income position contingent on GE Vernova price stability. The 50 % buffer provides moderate protection but is inferior to traditional convertibles and disappears once breached. Automatic calls may reinvest proceeds at lower yields, introducing reinvestment risk. Credit exposure to Goldman is IG-rated but not remote, and the note ranks pari passu with unsecured debt. Limited secondary markets and a starting value below par reduce exit options. Overall, risk-adjusted reward is balanced; suitable only for tactical allocations in margin-of-safety strategies.
Il prospetto informativo gratuito (FWP) descrive i termini principali delle Contingent Income Auto-Callable Securities emesse da GS Finance Corp. e collegate alle azioni ordinarie di GE Vernova Inc. (ticker: GEV UN), garantite in modo pieno e incondizionato da The Goldman Sachs Group, Inc. Questi titoli fanno parte del programma a medio termine Serie F di Goldman e sono previsti per la quotazione intorno al 27 giugno 2025, con regolamento il 2 luglio 2025 e scadenza il 30 giugno 2028, salvo richiamo automatico anticipato.
Gli investitori riceveranno un coupon trimestrale condizionato di almeno 32,50 $ per ogni 1.000 $ di valore nominale (circa 3,25 % trimestrale; tasso fissato alla data di pricing) solo se, alla data di osservazione rilevante, il prezzo delle azioni GEV sarà pari o superiore alla soglia di ribasso del 50 %. Se il titolo chiuderà pari o sopra il prezzo iniziale in una qualsiasi data di osservazione, i titoli saranno richiamati automaticamente e rimborsati a valore nominale più il coupon dovuto; non saranno effettuati ulteriori pagamenti dopo tale data.
Alla scadenza, i detentori riceveranno:
- Valore nominale + coupon finale se il prezzo finale delle azioni è almeno il 50 % di quello iniziale.
- Valore nominale moltiplicato per il fattore di performance azionaria se il prezzo finale è inferiore alla soglia, esponendo gli investitori a una perdita pari al ribasso oltre il 50 %.
Il valore preliminare stimato è compreso tra 905 e 965 $, significativamente inferiore al prezzo di emissione di 1.000 $, a causa di costi incorporati e di copertura. I principali rischi evidenziati includono la possibile perdita totale dell’investimento, la possibilità di ricevere coupon nulli, la scarsa liquidità, l’esposizione al credito di GS e la limitata storia di negoziazione delle azioni di GE Vernova.
Il prodotto potrebbe interessare investitori orientati al reddito, con una visione moderatamente rialzista o laterale su GE Vernova, disposti ad accettare i rischi di credito e di ribasso azionario in cambio di un rendimento condizionato elevato.
El prospecto de escritura libre (FWP) describe los términos clave de los Valores Contingent Income Auto-Callable emitidos por GS Finance Corp., vinculados a las acciones ordinarias de GE Vernova Inc. (símbolo: GEV UN), garantizados total e incondicionalmente por The Goldman Sachs Group, Inc. Los bonos forman parte del programa a medio plazo Serie F de Goldman y están programados para fijar precio alrededor del 27 de junio de 2025, liquidar el 2 de julio de 2025 y vencer el 30 de junio de 2028, salvo que se llamen automáticamente antes.
Los inversionistas recibirán un cupón trimestral contingente de al menos 32,50 $ por cada 1.000 $ de valor nominal (≈ 3,25 % trimestral; tasa establecida en la fecha de precio) solo si, en la fecha de observación correspondiente, el precio de la acción GEV está en o por encima del umbral de caída del 50 %. Si la acción cierra en o por encima del precio inicial en cualquier fecha de observación, los valores se llamarán automáticamente y se reembolsarán al valor nominal más el cupón debido; no habrá pagos adicionales después de eso.
Al vencimiento, los tenedores recibirán:
- Valor nominal + cupón final si el precio final de la acción es al menos el 50 % del precio inicial.
- Valor nominal multiplicado por el factor de desempeño de la acción si el precio final está por debajo del umbral, exponiendo a los inversionistas a una pérdida dólar por dólar más allá de una caída del 50 %.
El valor preliminar estimado es de 905 a 965 $, considerablemente por debajo del precio de emisión de 1.000 $, reflejando costos incorporados y de cobertura. Los riesgos clave destacados incluyen la posible pérdida total de la inversión, la posible recepción de cupones nulos, la liquidez limitada, la exposición crediticia a GS y el historial limitado de negociación de las acciones de GE Vernova.
El producto puede atraer a inversores que buscan ingresos con una visión moderadamente alcista o lateral sobre GE Vernova, dispuestos a aceptar riesgos de crédito y de caída en acciones a cambio de un rendimiento condicional elevado.
무료 작성 설명서(FWP)는 GS Finance Corp.가 발행하는 GE Vernova Inc.의 보통주(티커: GEV UN)에 연계된 Contingent Income Auto-Callable 증권의 주요 조건을 설명하며, 이는 The Goldman Sachs Group, Inc.가 전면적이고 무조건적으로 보증합니다. 이 노트는 골드만삭스의 시리즈 F 중기 프로그램의 일부이며, 2025년 6월 27일경 가격이 책정되고, 2025년 7월 2일에 결제되며, 자동 조기상환이 없으면 2028년 6월 30일에 만기됩니다.
투자자는 관련 관찰일에 GEV 주가가 50 % 하락 임계값 이상일 경우에만 분기별 조건부 쿠폰으로 최소 1,000달러당 32.50달러(분기별 약 3.25 %로, 가격 책정일에 확정된 이율)를 받게 됩니다. 주가가 관찰일에 최초 가격 이상으로 마감하면 증권은 자동으로 상환되며 원금과 해당 쿠폰이 지급되고 이후 추가 지급은 없습니다.
만기 시 보유자는 다음을 받습니다:
- 최종 주가가 최초 가격의 최소 50 % 이상일 경우 원금 + 최종 쿠폰
- 최종 가격이 임계값 이하일 경우 주가 성과 계수에 원금을 곱한 금액을 받으며, 50 % 이상 하락 시 투자자는 달러당 손실에 노출됩니다.
예상 초기 가치는 905~965달러로, 1,000달러 발행가보다 상당히 낮으며 내재 수수료 및 헤지 비용을 반영합니다. 주요 위험으로는 투자 원금 전액 손실 가능성, 쿠폰 미지급 가능성, 제한된 유동성, GS 신용 위험, GE Vernova 주식의 제한된 거래 이력이 포함됩니다.
이 상품은 GE Vernova에 대해 중간 정도의 강세 또는 횡보 전망을 가진 수익 추구 투자자에게 매력적일 수 있으며, 신용 및 주식 하락 위험을 감수하는 대신 높은 조건부 수익률을 기대할 수 있습니다.
Le prospectus de rédaction libre (FWP) présente les principales conditions des titres Contingent Income Auto-Callable émis par GS Finance Corp., liés aux actions ordinaires de GE Vernova Inc. (symbole : GEV UN), entièrement et inconditionnellement garantis par The Goldman Sachs Group, Inc. Les notes font partie du programme à moyen terme Série F de Goldman et sont prévues pour être cotées vers le 27 juin 2025, réglées le 2 juillet 2025 et arriver à échéance le 30 juin 2028, sauf si elles sont rappelées automatiquement plus tôt.
Les investisseurs recevront un coupon trimestriel conditionnel d'au moins 32,50 $ par tranche de 1 000 $ (≈ 3,25 % par trimestre ; taux fixé à la date de tarification) uniquement si, à la date d'observation pertinente, le cours de l'action GEV est égal ou supérieur au seuil de baisse de 50 %. Si le titre clôture à ou au-dessus du prix initial à une date d'observation, les titres sont automatiquement rappelés et remboursés au pair plus le coupon dû ; aucun paiement supplémentaire n'a lieu par la suite.
À l'échéance, les détenteurs recevront :
- Le pair + coupon final si le cours final de l'action est au moins égal à 50 % du prix initial.
- Le pair multiplié par le facteur de performance de l'action si le cours final est inférieur au seuil, exposant les investisseurs à une perte dollar pour dollar au-delà d'une baisse de 50 %.
La valeur estimée préliminaire est comprise entre 905 et 965 $, nettement inférieure au prix d'émission de 1 000 $, reflétant les frais intégrés et les coûts de couverture. Les principaux risques mis en avant incluent la perte totale potentielle de l'investissement, la possibilité de ne recevoir aucun coupon, la liquidité limitée, l'exposition au crédit de GS et l'historique de négociation limité des actions GE Vernova.
Ce produit peut intéresser les investisseurs recherchant un revenu, ayant une vision modérément haussière ou neutre sur GE Vernova, mais prêts à accepter les risques de crédit et de baisse des actions en échange d'un rendement conditionnel élevé.
Das Free Writing Prospectus (FWP) skizziert die wichtigsten Bedingungen der Contingent Income Auto-Callable Securities von GS Finance Corp., die an die Stammaktien von GE Vernova Inc. (Ticker: GEV UN) gekoppelt sind und vollständig und bedingungslos von The Goldman Sachs Group, Inc. garantiert werden. Die Notes sind Teil des mittel- bis langfristigen Programms der Serie F von Goldman und sollen am oder um den 27. Juni 2025 bepreist, am 2. Juli 2025 abgewickelt und am 30. Juni 2028 fällig werden, sofern sie nicht vorher automatisch zurückgerufen werden.
Investoren erhalten nur dann einen bedingten vierteljährlichen Kupon von mindestens 32,50 $ pro 1.000 $ Note (≈ 3,25 % pro Quartal; Zinssatz am Pricing-Tag festgelegt), wenn der GEV-Aktienkurs am jeweiligen Beobachtungstag auf oder über der 50 % Abwärtsgrenze liegt. Sollte die Aktie an einem Beobachtungstag auf oder über dem Anfangskurs schließen, werden die Wertpapiere automatisch zurückgerufen und zum Nennwert plus dem fälligen Kupon zurückgezahlt; danach erfolgen keine weiteren Zahlungen.
Bei Fälligkeit erhalten die Inhaber:
- Nennwert + Schlusskupon, wenn der Schlusskurs mindestens 50 % des Anfangskurses beträgt.
- Nennwert multipliziert mit dem Aktienperformancefaktor, wenn der Schlusskurs unter der Schwelle liegt, wodurch Investoren einem Dollar-für-Dollar-Verlust bei einem Rückgang von mehr als 50 % ausgesetzt sind.
Der vorläufig geschätzte Wert liegt bei 905–965 $, deutlich unter dem Ausgabepreis von 1.000 $, was eingebettete Gebühren und Absicherungskosten widerspiegelt. Wichtige hervorgehobene Risiken umfassen den möglichen Totalverlust der Investition, das Risiko, keine Kupons zu erhalten, eingeschränkte Liquidität, GS-Kreditrisiko und die begrenzte Handelshistorie der GE Vernova-Aktien.
Das Produkt könnte für einkommensorientierte Investoren attraktiv sein, die eine moderat bullische oder seitwärts gerichtete Sicht auf GE Vernova haben, aber bereit sind, Kredit- und Aktienabwärtsrisiken zugunsten einer erhöhten bedingten Rendite zu akzeptieren.
Free Writing Prospectus pursuant to Rule 433 dated June 20, 2025 / Registration Statement No. 333-284538
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Opportunities in U.S. Equities
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GS Finance Corp. |
Contingent Income Auto-Callable Securities Based on the Performance of the Common Stock of GE Vernova Inc. due June 30, 2028 |
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Principal at Risk Securities The Contingent Income Auto-Callable Securities are unsecured notes issued by GS Finance Corp. and guaranteed by The Goldman Sachs Group, Inc. You should read the accompanying preliminary pricing supplement dated June 20, 2025, which we refer to herein as the accompanying preliminary pricing supplement, to better understand the terms and risks of your investment, including the credit risk of GS Finance Corp. and The Goldman Sachs Group, Inc. |
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Coupon observation dates |
Coupon payment dates |
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September 29, 2025 |
October 2, 2025 |
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December 29, 2025 |
January 2, 2026 |
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March 27, 2026 |
April 1, 2026 |
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June 29, 2026 |
July 2, 2026 |
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September 28, 2026 |
October 1, 2026 |
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KEY TERMS |
December 28, 2026 |
December 31, 2026 |
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Company (Issuer) / Guarantor: |
GS Finance Corp. / The Goldman Sachs Group, Inc. |
March 29, 2027 |
April 1, 2027 |
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Underlying stock: |
the common stock of GE Vernova Inc. (current Bloomberg ticker: “GEV UN”) |
June 28, 2027 |
July 1, 2027 |
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Pricing date: |
expected to price on or about June 27, 2025 |
September 27, 2027 |
September 30, 2027 |
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Original issue date: |
expected to be July 2, 2025 |
December 27, 2027 |
December 30, 2027 |
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Coupon observation dates: |
as set forth under “Coupon observation dates” |
March 27, 2028 |
March 30, 2028 |
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Coupon payment dates: |
as set forth under “Coupon payment dates” |
June 27, 2028 (determination date) |
June 30, 2028 (stated maturity date) |
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Stated maturity date: |
expected to be June 30, 2028 |
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Payment at maturity (for each $1,000 stated principal amount of your securities): |
• if the final share price is greater than or equal to the downside threshold price, $1,000 plus the final contingent quarterly coupon; or • if the final share price is less than the downside threshold price, $1,000 × the share performance factor |
Hypothetical Payment Amount At Maturity |
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The Securities Have Not Been Automatically Called |
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Initial share price: |
the closing price of the underlying stock on the pricing date |
Hypothetical Final Share Price (as Percentage of Initial Share Price) |
Hypothetical Payment at Maturity (as Percentage of Principal Amount) |
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Final share price: |
the closing price of the underlying stock on the determination date |
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Call observation dates: |
each coupon observation date specified in the table commencing on September 29, 2025 and ending on March 27, 2028 |
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Call payment dates: |
the coupon payment date immediately after the applicable call observation date |
175.000% |
100.000%* |
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150.000% |
100.000%* |
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Determination date: |
the last coupon observation date, expected to be June 27, 2028 |
125.000% |
100.000%* |
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Downside threshold price: |
50.00% of the initial share price |
110.000% |
100.000%* |
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100.000% |
100.000%* |
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Automatic call feature: |
if, as measured on any call observation date, the closing price of the underlying stock is greater than or equal to the initial share price, your securities will be automatically called and, in addition to the contingent quarterly coupon then due, you will receive $1,000 for each $1,000 principal amount. No payments will be made after the call payment date. |
85.000% |
100.000%* |
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75.000% |
100.000%* |
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50.000% |
100.000%* |
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49.999% |
49.999% |
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Contingent quarterly coupon (set on the pricing date): |
subject to the automatic call feature, on each coupon payment date, for each $1,000 of the outstanding principal amount, the company will pay an amount in cash equal to: • if the closing price of the underlying stock on the applicable coupon observation date is greater than or equal to the downside threshold price, (i) the product of at least $32.50 (set on the pricing date) times the number of coupon observation dates that have occurred up to and including the relevant coupon observation date minus (ii) the sum of all contingent quarterly coupons previously paid, if any; or • if the closing price of the underlying stock on the applicable coupon observation date is less than the downside threshold price, $0.00 |
45.000% |
45.000% |
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30.000% |
30.000% |
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25.000% |
25.000% |
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0.000% |
0.000% |
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* Does not include the final contingent quarterly coupon |
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Share performance factor: |
final share price / initial share price |
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CUSIP / ISIN: |
40058JFA8 / US40058JFA88 |
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Estimated value range: |
$905 to $965 (which is less than the original issue price; see the accompanying preliminary pricing supplement) |
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This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
About Your Securities |
The amount that you will be paid on your securities is based on the performance of the common stock of GE Vernova Inc.. The securities will mature on the stated maturity date unless they are automatically called on any call observation date. If the final share price is greater than or equal to the downside threshold price, you will receive your $1,000 principal amount of your securities plus a contingent quarterly coupon. You will not participate in any appreciation of the underlying stock. If the final share price is less than the downside threshold price, you will not receive a coupon payment and you will lose a significant portion or all of your investment.
Your securities will be automatically called if the closing price of the underlying stock on any call observation date is greater than or equal to the initial share price, resulting in a payment on the corresponding call payment date equal to the principal amount of your securities plus the contingent quarterly coupon then due.
The securities will not pay a fixed coupon and may pay no coupon on a coupon payment date. On each coupon observation date, subject to the automatic call feature, if the closing price of the underlying stock is greater than or equal to the downside threshold price, you will receive on the corresponding coupon payment date a contingent quarterly coupon payment. If the closing price of the underlying stock on any coupon observation date is less than the downside threshold price, you will not receive a contingent quarterly coupon payment on the applicable coupon payment date.
The securities are for investors who seek to earn a contingent quarterly coupon at an above current market rate in exchange for the risk of receiving few or no contingent quarterly coupons and the risk of losing all or a portion of the principal of their securities.
GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, general terms supplement no. 17,741 and preliminary pricing supplement listed below) with the Securities and Exchange Commission (SEC) for the offering to which this communication relates. Before you invest, you should read the prospectus, prospectus supplement, general terms supplement no. 17,741 and preliminary pricing supplement and any other documents relating to this offering that GS Finance Corp. and The Goldman Sachs Group, Inc. have filed with the SEC for more complete information about us and this offering. You may get these documents without cost by visiting EDGAR on the SEC web site at sec.gov. Alternatively, we will arrange to send you the prospectus, prospectus supplement, general terms supplement no. 17,741 and preliminary pricing supplement if you so request by calling (212) 357-4612.
The securities are notes that are part of the Medium-Term Notes, Series F program of GS Finance Corp. and are fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. This document should be read in conjunction with the following:
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
RISK FACTORS |
An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying general terms supplement no. 17,741, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of certain risk factors discussed in such documents. In addition to the below, you should read in full “Risk Factors” in the accompanying preliminary pricing supplement, “Additional Risk Factors Specific to the Notes” in the accompanying general terms supplement no. 17,741, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus. Your securities are a riskier investment than ordinary debt securities. Also, your securities are not equivalent to investing directly in the underlying stock. You should carefully consider whether the offered securities are appropriate given your particular circumstances.
The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Related to Structure, Valuation and Secondary Market Sales
Risks Related to Conflicts of Interest
Additional Risks Related to the Underlying Stock
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
Risks Related to Tax
The following risk factors are discussed in greater detail in the accompanying general terms supplement no. 17,741:
Risks Related to Structure, Valuation and Secondary Market Sales
Risks Related to Conflicts of Interest
Risks Related to Tax
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
The following risk factors are discussed in greater detail in the accompanying prospectus supplement:
The following risk factors are discussed in greater detail in the accompanying prospectus:
Risks Relating to Regulatory Resolution Strategies and Long-Term Debt Requirements
TAX CONSIDERATIONS |
You should review carefully the discussion in the accompanying preliminary pricing supplement under the caption “Supplemental Discussion of U.S. Federal Income Tax Consequences” concerning the U.S. federal income tax consequences of an investment in the securities, and you should consult your tax advisor.
This document does not provide all of the information that an investor should consider prior to making an investment decision. You should not invest in the securities without reading the accompanying preliminary pricing supplement and related documents for a more detailed description of the underlying stock (including historical underlying stock closing prices), the terms of the securities and certain risks.
