[FWP] Goldman Sachs Group Inc. Free Writing Prospectus
Goldman Sachs Group has filed a Free Writing Prospectus for Market Linked Securities - Autocallable with Contingent Coupon and Contingent Downside Principal at Risk Securities linked to Robinhood Markets Class A Common Stock, due June 29, 2028.
Key features include:
- Contingent coupon payments of at least 23.50% per annum ($58.75 per $1,000) if stock price meets threshold
- Automatic call feature triggers if stock price equals/exceeds starting price on call dates
- Downside threshold price set at 50% of starting price
- Estimated security value between $925-$955 per $1,000 face amount
Significant risks include potential loss of entire investment, credit risk of issuer/guarantor, and limited participation in stock appreciation. Securities will be issued by GS Finance Corp and guaranteed by Goldman Sachs Group, with Wells Fargo Securities as distribution agent receiving up to 2.325% underwriting discount.
Goldman Sachs Group ha presentato un Free Writing Prospectus per titoli Market Linked Securities - Autocallable con cedola condizionata e capitale a rischio con ribasso condizionato, collegati alle azioni ordinarie di Classe A di Robinhood Markets, con scadenza il 29 giugno 2028.
Caratteristiche principali includono:
- Pagamenti di cedola condizionata di almeno 23,50% annuo (58,75$ per ogni 1.000$) se il prezzo delle azioni raggiunge la soglia prevista
- Funzione di richiamo automatico che si attiva se il prezzo delle azioni è uguale o superiore al prezzo iniziale nelle date di richiamo
- Soglia di prezzo ribassista fissata al 50% del prezzo iniziale
- Valore stimato del titolo compreso tra 925$ e 955$ per ogni 1.000$ di valore nominale
Rischi significativi includono la possibile perdita totale dell’investimento, rischio di credito dell’emittente/garante e partecipazione limitata all’apprezzamento delle azioni. I titoli saranno emessi da GS Finance Corp e garantiti da Goldman Sachs Group, con Wells Fargo Securities come agente di distribuzione che riceverà uno sconto di sottoscrizione fino al 2,325%.
Goldman Sachs Group ha presentado un Free Writing Prospectus para valores Market Linked Securities - Autocallable con cupón contingente y principal en riesgo condicionado a la baja, vinculados a las acciones ordinarias Clase A de Robinhood Markets, con vencimiento el 29 de junio de 2028.
Las características clave incluyen:
- Pagos de cupón contingente de al menos 23,50% anual (58,75 dólares por cada 1,000 dólares) si el precio de la acción cumple el umbral
- Función de llamada automática que se activa si el precio de la acción es igual o superior al precio inicial en las fechas de llamada
- Precio umbral a la baja establecido en 50% del precio inicial
- Valor estimado del valor entre 925 y 955 dólares por cada 1,000 dólares de valor nominal
Los riesgos significativos incluyen la posible pérdida total de la inversión, riesgo crediticio del emisor/garante y participación limitada en la apreciación de las acciones. Los valores serán emitidos por GS Finance Corp y garantizados por Goldman Sachs Group, con Wells Fargo Securities como agente distribuidor que recibirá un descuento de suscripción de hasta el 2,325%.
골드만 삭스 그룹은 2028년 6월 29일 만기인 로빈후드 마켓 클래스 A 보통주에 연계된 시장연동증권 - 자동상환형, 조건부 쿠폰 및 조건부 하락 원금 위험 증권에 대한 Free Writing Prospectus를 제출했습니다.
주요 특징은 다음과 같습니다:
- 주가가 기준가를 충족할 경우 연간 최소 23.50% (1,000달러당 58.75달러)의 조건부 쿠폰 지급
- 상환일에 주가가 시작 가격 이상일 경우 자동 상환 기능 발동
- 하락 임계 가격은 시작 가격의 50%로 설정
- 1,000달러 액면가 당 추정 증권 가치는 925~955달러 사이
중대한 위험으로는 투자 원금 전액 손실 가능성, 발행인/보증인의 신용 위험, 주가 상승에 대한 제한된 참여가 포함됩니다. 증권은 GS 파이낸스 코퍼레이션에서 발행되며 골드만 삭스 그룹이 보증하고, Wells Fargo Securities가 최대 2.325%의 인수 수수료를 받는 배급 대행사로 참여합니다.
Goldman Sachs Group a déposé un Free Writing Prospectus pour des titres Market Linked Securities - Autocallable avec coupon conditionnel et principal à risque conditionnel à la baisse, liés aux actions ordinaires de Classe A de Robinhood Markets, échéant le 29 juin 2028.
Les caractéristiques clés incluent :
- Versements de coupon conditionnels d'au moins 23,50% par an (58,75 $ par tranche de 1 000 $) si le prix de l'action atteint le seuil
- Fonction de rappel automatique déclenchée si le prix de l'action est égal ou supérieur au prix de départ aux dates de rappel
- Seuil de prix à la baisse fixé à 50% du prix de départ
- Valeur estimée du titre comprise entre 925 $ et 955 $ pour 1 000 $ de valeur nominale
Les risques importants comprennent la perte potentielle de l'intégralité de l'investissement, le risque de crédit de l'émetteur/garant, et une participation limitée à l'appréciation de l'action. Les titres seront émis par GS Finance Corp et garantis par Goldman Sachs Group, avec Wells Fargo Securities en tant qu'agent de distribution percevant une décote de souscription allant jusqu'à 2,325%.
Goldman Sachs Group hat einen Free Writing Prospectus für marktgebundene Wertpapiere - Autocallable mit bedingtem Kupon und bedingtem Abwärtsrisiko des Kapitals, die an die Stammaktien der Klasse A von Robinhood Markets gebunden sind, mit Fälligkeit am 29. Juni 2028 eingereicht.
Wesentliche Merkmale umfassen:
- Bedingte Kuponzahlungen von mindestens 23,50% pro Jahr (58,75 USD pro 1.000 USD), wenn der Aktienkurs die Schwelle erreicht
- Automatische Rückruf-Funktion, die ausgelöst wird, wenn der Aktienkurs an den Rückrufdaten dem Startpreis entspricht oder ihn übersteigt
- Abwärts-Schwellenpreis bei 50% des Startpreises
- Geschätzter Wert des Wertpapiers zwischen 925 und 955 USD pro 1.000 USD Nennwert
Erhebliche Risiken umfassen den möglichen Totalverlust der Investition, Kreditrisiko des Emittenten/Garanten und begrenzte Teilnahme an der Aktienkurssteigerung. Die Wertpapiere werden von GS Finance Corp ausgegeben und von Goldman Sachs Group garantiert, wobei Wells Fargo Securities als Vertriebsagent bis zu 2,325% Underwriting-Discount erhält.
- High potential yield with contingent coupon payments of at least 23.50% per annum if stock price conditions are met
- Downside protection with no principal loss as long as the underlying stock doesn't fall below 50% of starting price
- Automatic call feature provides early exit opportunity if stock performs well, with return of principal plus coupon
- Full downside exposure if Robinhood stock falls below 50% of starting price, with potential for total loss
- Estimated value of securities ($925-$955 per $1,000 face amount) is less than the offering price, indicating significant embedded costs
- No participation in underlying stock's upside potential beyond fixed coupon payments
- High risk due to single stock exposure to Robinhood Markets, which has limited trading history
Goldman Sachs Group ha presentato un Free Writing Prospectus per titoli Market Linked Securities - Autocallable con cedola condizionata e capitale a rischio con ribasso condizionato, collegati alle azioni ordinarie di Classe A di Robinhood Markets, con scadenza il 29 giugno 2028.
Caratteristiche principali includono:
- Pagamenti di cedola condizionata di almeno 23,50% annuo (58,75$ per ogni 1.000$) se il prezzo delle azioni raggiunge la soglia prevista
- Funzione di richiamo automatico che si attiva se il prezzo delle azioni è uguale o superiore al prezzo iniziale nelle date di richiamo
- Soglia di prezzo ribassista fissata al 50% del prezzo iniziale
- Valore stimato del titolo compreso tra 925$ e 955$ per ogni 1.000$ di valore nominale
Rischi significativi includono la possibile perdita totale dell’investimento, rischio di credito dell’emittente/garante e partecipazione limitata all’apprezzamento delle azioni. I titoli saranno emessi da GS Finance Corp e garantiti da Goldman Sachs Group, con Wells Fargo Securities come agente di distribuzione che riceverà uno sconto di sottoscrizione fino al 2,325%.
Goldman Sachs Group ha presentado un Free Writing Prospectus para valores Market Linked Securities - Autocallable con cupón contingente y principal en riesgo condicionado a la baja, vinculados a las acciones ordinarias Clase A de Robinhood Markets, con vencimiento el 29 de junio de 2028.
Las características clave incluyen:
- Pagos de cupón contingente de al menos 23,50% anual (58,75 dólares por cada 1,000 dólares) si el precio de la acción cumple el umbral
- Función de llamada automática que se activa si el precio de la acción es igual o superior al precio inicial en las fechas de llamada
- Precio umbral a la baja establecido en 50% del precio inicial
- Valor estimado del valor entre 925 y 955 dólares por cada 1,000 dólares de valor nominal
Los riesgos significativos incluyen la posible pérdida total de la inversión, riesgo crediticio del emisor/garante y participación limitada en la apreciación de las acciones. Los valores serán emitidos por GS Finance Corp y garantizados por Goldman Sachs Group, con Wells Fargo Securities como agente distribuidor que recibirá un descuento de suscripción de hasta el 2,325%.
골드만 삭스 그룹은 2028년 6월 29일 만기인 로빈후드 마켓 클래스 A 보통주에 연계된 시장연동증권 - 자동상환형, 조건부 쿠폰 및 조건부 하락 원금 위험 증권에 대한 Free Writing Prospectus를 제출했습니다.
주요 특징은 다음과 같습니다:
- 주가가 기준가를 충족할 경우 연간 최소 23.50% (1,000달러당 58.75달러)의 조건부 쿠폰 지급
- 상환일에 주가가 시작 가격 이상일 경우 자동 상환 기능 발동
- 하락 임계 가격은 시작 가격의 50%로 설정
- 1,000달러 액면가 당 추정 증권 가치는 925~955달러 사이
중대한 위험으로는 투자 원금 전액 손실 가능성, 발행인/보증인의 신용 위험, 주가 상승에 대한 제한된 참여가 포함됩니다. 증권은 GS 파이낸스 코퍼레이션에서 발행되며 골드만 삭스 그룹이 보증하고, Wells Fargo Securities가 최대 2.325%의 인수 수수료를 받는 배급 대행사로 참여합니다.
Goldman Sachs Group a déposé un Free Writing Prospectus pour des titres Market Linked Securities - Autocallable avec coupon conditionnel et principal à risque conditionnel à la baisse, liés aux actions ordinaires de Classe A de Robinhood Markets, échéant le 29 juin 2028.
Les caractéristiques clés incluent :
- Versements de coupon conditionnels d'au moins 23,50% par an (58,75 $ par tranche de 1 000 $) si le prix de l'action atteint le seuil
- Fonction de rappel automatique déclenchée si le prix de l'action est égal ou supérieur au prix de départ aux dates de rappel
- Seuil de prix à la baisse fixé à 50% du prix de départ
- Valeur estimée du titre comprise entre 925 $ et 955 $ pour 1 000 $ de valeur nominale
Les risques importants comprennent la perte potentielle de l'intégralité de l'investissement, le risque de crédit de l'émetteur/garant, et une participation limitée à l'appréciation de l'action. Les titres seront émis par GS Finance Corp et garantis par Goldman Sachs Group, avec Wells Fargo Securities en tant qu'agent de distribution percevant une décote de souscription allant jusqu'à 2,325%.
Goldman Sachs Group hat einen Free Writing Prospectus für marktgebundene Wertpapiere - Autocallable mit bedingtem Kupon und bedingtem Abwärtsrisiko des Kapitals, die an die Stammaktien der Klasse A von Robinhood Markets gebunden sind, mit Fälligkeit am 29. Juni 2028 eingereicht.
Wesentliche Merkmale umfassen:
- Bedingte Kuponzahlungen von mindestens 23,50% pro Jahr (58,75 USD pro 1.000 USD), wenn der Aktienkurs die Schwelle erreicht
- Automatische Rückruf-Funktion, die ausgelöst wird, wenn der Aktienkurs an den Rückrufdaten dem Startpreis entspricht oder ihn übersteigt
- Abwärts-Schwellenpreis bei 50% des Startpreises
- Geschätzter Wert des Wertpapiers zwischen 925 und 955 USD pro 1.000 USD Nennwert
Erhebliche Risiken umfassen den möglichen Totalverlust der Investition, Kreditrisiko des Emittenten/Garanten und begrenzte Teilnahme an der Aktienkurssteigerung. Die Wertpapiere werden von GS Finance Corp ausgegeben und von Goldman Sachs Group garantiert, wobei Wells Fargo Securities als Vertriebsagent bis zu 2,325% Underwriting-Discount erhält.
Free Writing Prospectus pursuant to Rule 433 dated June 23, 2025
Registration Statement No. 333-284538
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Market Linked Securities — Autocallable with Contingent Coupon and Contingent Downside Principal at Risk Securities Linked to the Class A Common Stock of Robinhood Markets, Inc. due June 29, 2028 |
Summary of Terms |
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Company (Issuer) and Guarantor: |
GS Finance Corp. (issuer) and The Goldman Sachs Group, Inc. (guarantor) |
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Hypothetical Payout Profile (Maturity Payment Amount)
If the securities are not automatically called prior to stated maturity and the ending price is less than the downside threshold price, you will lose more than 50%, and possibly all, of the face amount of your securities at stated maturity. Any return on the securities will be limited to the sum of your contingent coupon payments, if any. You will not participate in any appreciation of the underlying stock, but you will have full downside exposure to the underlying stock if the ending price is less than the downside threshold price. You should read the accompanying preliminary pricing supplement dated May 14, 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. The securities 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: ● Preliminary pricing supplement dated June 23, 2025 ● WFS product supplement no. 5 dated February 14, 2025 ● Prospectus supplement dated February 14, 2025 ● Prospectus dated February 14, 2025 |
Market Measure (the “underlying stock”): |
the Class A common stock of Robinhood Markets, Inc. (current Bloomberg ticker: “HOOD UW”) |
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Pricing date: |
expected to be June 26, 2025 |
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Issue date: |
expected to be July 1, 2025 |
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Final calculation day: |
expected to be June 26, 2028 |
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Stated maturity date: |
expected to be June 29, 2028 |
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Starting price: |
the stock closing price of the underlying stock on the pricing date |
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Ending price: |
the stock closing price of the underlying stock on the final calculation day |
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Performance factor: |
the ending price divided by the starting price (expressed as a percentage) |
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Automatic call: |
If the stock closing price of the underlying stock on any call date is greater than or equal to the starting price, the securities will be automatically called, and on the related call settlement date you will be entitled to receive a cash payment per security in U.S. dollars equal to the face amount plus a final contingent coupon payment. The securities will not be subject to automatic call until the September 2025 calculation day. |
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Downside threshold price: |
50% of the starting price |
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Contingent coupon payment: |
Subject to the automatic call, on each contingent coupon payment date, for each $1,000 of the outstanding face amount, you will receive a contingent coupon payment equal to at least $58.75 (equivalent to a contingent coupon rate of at least 23.50% per annum) (set on the pricing date) if, and only if, the stock closing price of the underlying stock on the related calculation day is greater than or equal to the coupon threshold price. |
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Coupon threshold price: |
50% of the starting price |
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Call dates: |
each calculation day commencing in September 2025 and ending in March 2028 |
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Call settlement date: |
the contingent coupon payment date immediately following the applicable call date |
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Calculation days: |
quarterly, on the 26th day of each March, June, September and December, commencing in September 2025 and ending in March 2028, and the final calculation day |
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Contingent coupon payment dates: |
quarterly, on the third business day following each calculation day; provided that the contingent coupon payment date with respect to the final calculation day will be the stated maturity date |
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Maturity payment amount (for each $1,000 face amount of your securities): |
• if the ending price is greater than or equal to the downside threshold price: $1,000; or • if the ending price is less than the downside threshold price: $1,000 × performance factor |
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The estimated value of your securities at the time the terms of your securities are set on the pricing date is expected to be between $925 and $955 per $1,000 face amount. See the accompanying preliminary pricing supplement for a further discussion of the estimated value of your securities. |
Underwriting discount: |
up to 2.325% of the face amount*; Wells Fargo Securities, LLC (“WFS”) is the agent for the distribution of the securities. WFS will receive the underwriting discount of up to 2.325% of the aggregate face amount of the securities sold. The agent may resell the securities to Wells Fargo Advisors (“WFA”) at the original issue price of the securities less a concession of 1.75% of the aggregate face amount of the securities. In addition to the selling concession received by WFA, WFS advises that WFA may also receive out of the underwriting discount a distribution expense fee of 0.075% for each $1,000 face amount of a security WFA sells. |
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CUSIP: |
40058JFU4 |
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Tax consequences: |
See “Supplemental Discussion of U.S. Federal Income Tax Considerations” in the accompanying preliminary pricing supplement |
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* In addition, in respect of certain securities sold in this offering, GS&Co. may pay a fee of up to 0.30% of the aggregate face amount of the securities sold to selected securities dealers in consideration for marketing and other services in connection with the distribution of the securities to other securities dealers. |
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The securities have more complex features than conventional debt securities and involve risks not associated with conventional debt securities. See “Risk Factors” in this term sheet and in the accompanying preliminary pricing supplement. 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, the terms of the securities and certain risks.
About Your Securities |
GS Finance Corp. and The Goldman Sachs Group, Inc. have filed a registration statement (including a prospectus, as supplemented by the prospectus supplement, WFS product supplement no. 5 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, WFS product supplement no. 5 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, WFS product supplement no. 5 and preliminary pricing supplement if you so request by calling (212) 357-4612.
Risk Factors |
An investment in the securities is subject to risks. Many of the risks are described in the accompanying preliminary pricing supplement, accompanying WFS product supplement no. 5, accompanying prospectus supplement and accompanying prospectus. Below we have provided a list of risk factors discussed in the accompanying preliminary pricing supplement (but not those discussed in the accompanying WFS product supplement no. 5, accompanying prospectus supplement and accompanying prospectus). In addition to the below, you should read in full “Selected Risk Considerations” in the accompanying preliminary pricing supplement, “Risk Factors” in the accompanying WFS product supplement no. 5, as well as the risks and considerations described in the accompanying prospectus supplement and accompanying prospectus.
The following risk factors are discussed in greater detail in the accompanying preliminary pricing supplement:
Risks Related to Structure, Valuation and Secondary Market Sales ▪ The Estimated Value of Your Securities At the Time the Terms of Your Securities Are Set On the Pricing Date (as Determined By Reference to Pricing Models Used By GS&Co.) Is Less Than the Original Offering Price Of Your Securities ▪ The Securities Are Subject to the Credit Risk of the Issuer and the Guarantor ▪ You May Lose Your Entire Investment in the Securities ▪ The Return on Your Securities May Change Significantly Despite Only a Small Change in the Price of the Underlying Stock ▪ You May Not Receive a Contingent Coupon on Any Contingent Coupon Payment Date ▪ A Higher Contingent Coupon, a Lower Coupon Threshold Price and/or a Lower Downside Threshold Price May Reflect Greater Expected Volatility of the Underlying Stock, and Greater Expected Volatility Generally Indicates An Increased Risk of Declines in the Price of the Underlying Stock and, Potentially, a Significant Loss at Maturity |
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▪ Your Securities Are Subject to Automatic Redemption ▪ The Contingent Coupon Does Not Reflect the Actual Performance of the Underlying Stock from the Pricing Date to Any Calculation Day or from Calculation Day to Calculation Day ▪ The Market Value of Your Securities May Be Influenced by Many Unpredictable Factors ▪ We Will Not Hold Shares of the Underlying Stock for Your Benefit ▪ You Have No Shareholder Rights or Rights to Receive the Underlying Stock Additional Risks Related to the Underlying Stock ▪ The Underlying Stock Has a Very Limited Trading History Risks Related to Tax ▪ Certain Considerations for Insurance Companies and Employee Benefit Plans ▪ The Tax Consequences of an Investment in Your Securities Are Uncertain ▪ Foreign Account Tax Compliance Act (FATCA) Withholding May Apply to Payments on Your Securities, Including as a Result of the Failure of the Bank or Broker Through Which You Hold the Securities to Provide Information to Tax Authorities |
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
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, the terms of the securities and certain risks.
FAQ
What are the key terms of GS's Market Linked Securities offering linked to Robinhood (HOOD) stock?
What is the estimated value of GS's Market Linked Securities per $1,000 face amount?
What are the key risks of GS's Market Linked Securities linked to Robinhood stock?
What are the fees and underwriting discounts for GS's Market Linked Securities offering?
When are the key dates for GS's Market Linked Securities offering?
